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April and Cody invest $5,000 each at their local bank. April invests at a 4% simple interest rate, and Cody invests at a 4% interest rate, compounded annually. What is the difference in their account balances
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April and Cody invest $5,000 each at their local bank. April invests at a 4% simple interest rate, and Cody invests at a 4% interest rate, compounded annually. What is the difference in their account balances after three years?

User Pankaj Agrawal
by
4.3k points

1 Answer

0 votes

Answer:

  • $24.32

Explanation:

The difference in balances is:

  • 5000*(1 + 0.04)^3 - 5000*(1 + 0.04*3) =
  • 5624.32 - 5600 =
  • 24.32
User Raju Padhara
by
4.3k points
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