Question

Maya will deposit $1,650 in an account that earns 5% simple interest every year. Her brother, James, will deposit $1,600 in an account that earns 8% interest compounded annually. The deposits will be made on the same day, and no additional money will be deposited or withdrawn from the accounts. Compare and contrast the two siblings' accounts after four years.

Answer 1

Explanation:

each year james gets 3% more interest than maya. over 4 years james gets 34% interest and maya gets 20%. over 4 years james gets 16% more than maya.

Answer 2

6930 for Maya and James is 6912

Step-by-step explanation

1600x8%=128+1600=1728x4=6912 1650x5%=82.5 82.5+1650=1732.50 1732.5x4=6930

6930-6912=18

Maya has $18 more dollars then James