aaronnnn6998
11.05.2021 •
Mathematics
Two different banks, Bank A and Bank B, offer accounts with exactly the same annual interest rate of 6.85%. However, the account from Bank A has interest compounded monthly, whereas the account from Bank B compounds interest continuously. To decide which bank to open an account with, you calculate the amount of interest you would earn after three years from an initial deposit of $5000 in each bank’s account. How much interest would you earn from each account? Which bank’s account earns more – and how much more?
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Ответ:
Sorry don't know
Ответ:
Solution given:
For bank A.
rate[R]=6.85%
principal [P]=$5000
time [T]=3years
now since simple interest is given by this bank
we have
Simple interest=PTR/100
=5000×6.85×3/100=$1027.5
For bank B
rate[R]=6.85%
principal [P]=$5000
time [T]=3years
now since compound interest is given by this bank
we have
compound interest=P((1+R/100)^T-1)
=$5000((1+6.85/100)³-1)=$1099.49
since
Bank B gives more interest .more amount is
1099.49-1027.5=$71.99 or $72
Ответ:
shape and size
Step-by-step explanation:
hope this helps