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anonymous

  • one year ago

Crestline Bank offers 3% simple interest on deposits. Mid City Bank offers 2% interest compounded annually. Jill deposits $3000 in Crestline Bank and Owen deposits $3000 in Mid City Bank. What is the difference in final balances for Jill and Owen at the end of 5 years?

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  1. anonymous
    • one year ago
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    A. $177.82 B. $165.58 C. $150.00 D. $137.76

  2. anonymous
    • one year ago
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    its not 150.00 cause I got it wrong and @Nnesha

  3. anonymous
    • one year ago
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    @triciaal

  4. anonymous
    • one year ago
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    @Vocaloid

  5. triciaal
    • one year ago
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    |dw:1440955580598:dw|

  6. triciaal
    • one year ago
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    |dw:1440955729030:dw|

  7. triciaal
    • one year ago
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    P = original amount R = interest rate as a percentage T= time of investment

  8. Theloshua
    • one year ago
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    it would be option D. 137.76

  9. triciaal
    • one year ago
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    |dw:1440955953845:dw|

  10. Theloshua
    • one year ago
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    if you plug in the numbers into the compound interest formula and the simple interest formula, you will determine your answer

  11. triciaal
    • one year ago
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    @Bella106 do you understand the differences with the formulas? do each separately then subtract to get the difference

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