Cecilia has $900 in an account earning 3.8% simple interest. how much more interest would her account earn in 5 years with annually-compounded interest?

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08-03-2017
Mathematics

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Cecilia has $900 in an account earning 3.8% simple interest. how much more interest would her account earn in 5 years with annually-compounded interest?

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Aliwohaish12 Aliwohaish12 · Answer 1 · 2017-03-08T18:48:55+01:00

Aliwohaish12 Aliwohaish12

08-03-2017

Simple interest
I=900*0.038*5==171
Compound interest
A=900×(1.038)^(5)
A=1,084.5
I=A-p=1084.5-900=184.5
So simple interest-compound interest
184.5-171==13.5 the answer
Hope it helps :-)

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