Amanda deposits$60,000 into an account that pays 4% interest per year, compounded annually. Sam deposits $60,000 into an account that also pays 4% per year. But it is simple interest. Find the interest Amanda and Sam earn during each of the first three years. Then decide who earns more interest for each year. Assume there are no withdrawals and no additional deposits. Year First Second. Third Interest Amanda earns (Interest compounded annually) $. $ $ Year First Second. Third Interest Sam earns ( Simple Interest) $. $ $ who earns more each year.

Amanda deposits$60,000 into an account that pays 4% interest per year, compounded annually. Sam deposits $60,000 into an account that also pays 4% per year. But it is simple interest. Find the interest Amanda and Sam earn during each of the first three years. Then decide who earns more interest for each year. Assume there are no withdrawals and no additional deposits. Year First Second. Third Interest Amanda earns (Interest compounded annually) $. $ $ Year First Second. Third Interest Sam earns ( Simple Interest) $. $ $ who earns more each year.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...

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