Herky and Elaina want to compare their investment accounts to see how much they will have in the accounts after eight years

They substitute their values shown below into the compound interest formula.

Name

Herky

Elaina

Principal

$500

$400

Compound Interest Accounts

Interest Rate Number of Years

5%

8

Compounded

Once a year

Once a year

6%

A = P(1+r)

Which pair of equations would correctly calculate their compound interests?

Herky: A = 500(1 +0.08) Elaina A-400(1+0.08)

Herky: A = (500 x 1) + (0.05) Elaina A- (400 1) + (0.06)

Herky: A - 500(1+0.05) 8 Elaina: A-400(1+0.06)

Herky: A = (500X1) +(0.05) 8 Elaina A = (400x1)+(0.05) 8

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