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Paul invests $4,000 in an account earning 9% interest compounded annually. Mike invests $4,500 in an account earning 6% interest compounded annually. Who will have more money in their account after 2 years?
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Paul invests $4,000 in an account earning 9% interest compounded annually. Mike invests $4,500 in an account earning 6% interest compounded annually. Who will have more money in their account after 2 years? How much more?

User Minimus Heximus
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1 Answer

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Paul will have $4,752.4 after two years, and Mike will have $5,056.2 after two years. Subtract Paul’s total from Mike’s total for difference.

User ShikharDua
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