Question

Michael has 2 options to invest $10,000:

1. 4% Simple Interest for 10 years.
2. 3.25% Compound Interest for 10 years.
Which will earn him more money?


Option 1

Option 2

They are equal


Question 3 :

Cara took out a loan for a new car of $24,000. She wants to know which financing option she should take:
1. 3% simple interest for 12 years
2. 4% simple interest for 8 years
3. 3.5% compound interest for 6 years

Option 1

Option 2

Option 3

They are all equal

Answer 1

why dots you Search yourself and get you answer

Explanation:

why dots you Search yourself and get you answer

Answer 2

Answer: question 1

Options 2(3.5% compound interest for 6 years )will earn him more money?

step-by-step explanation: simple interest will afford him to earn 4%of $10,000 which is $10,400 for the next 10 years which will amount to

$104,000

Compound interest at 3.5% of $10,000 will give $10,350 for the first year

And it keeps accumulating for the next 10 years