anonymous
  • anonymous
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?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
A. $177.82 B. $165.58 C. $150.00 D. $137.76
anonymous
  • anonymous
its not 150.00 cause I got it wrong and @Nnesha
anonymous
  • anonymous
@triciaal

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anonymous
  • anonymous
@Vocaloid
triciaal
  • triciaal
|dw:1440955580598:dw|
triciaal
  • triciaal
|dw:1440955729030:dw|
triciaal
  • triciaal
P = original amount R = interest rate as a percentage T= time of investment
Theloshua
  • Theloshua
it would be option D. 137.76
triciaal
  • triciaal
|dw:1440955953845:dw|
Theloshua
  • Theloshua
if you plug in the numbers into the compound interest formula and the simple interest formula, you will determine your answer
triciaal
  • triciaal
@Bella106 do you understand the differences with the formulas? do each separately then subtract to get the difference

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