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Sunshine bank offers 6% simple interest on deposits. Tangerine bank offers 5% interest compound annually. State the difference in final balances if $2000 is deposited in each bank for 2 years. A) $202.
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Apr 22, 2018
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Sunshine bank offers 6% simple interest on deposits. Tangerine bank offers 5% interest compound annually. State the difference in final balances if $2000 is deposited in each bank for 2 years.
A) $202.80
B) $35
C) $25
D) $5
Mathematics
middle-school
Adamnickerson
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2000+2(.06*2000)-2000(1.05^2)=$35.00
So the simple interest at 6% yields $35 more than the compound 5% interest.
Cedrou
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Apr 24, 2018
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B) $35 Hope it helps :)
Lachanda
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Apr 28, 2018
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