Western bank pays 5 percent simple interest on its savings account balances, whereas eastern bank pays 5 percent compounded annually. if you deposited $6,000in each bank, how much more money would you earn from the eastern bank account at the end of 3 years?

Question

majesticfart2064 majesticfart2064

04-10-2017
Business

contestada

Western bank pays 5 percent simple interest on its savings account balances, whereas eastern bank pays 5 percent compounded annually. if you deposited $6,000in each bank, how much more money would you earn from the eastern bank account at the end of 3 years?

Respuesta :

Otras preguntas

ben and cole have 36 airplanes models all together. ben has 8 more than cole. how many airplane models does ben have?

how was the Jordan river different from the nile river

Which words in the sentence are the complete infinitive phrase? To read several good books is my goal for the next month. A. to read B. several good books C. to

What prevents a plant cell from bursting when it's full of water?

Name from least to greatest 12 liters, 9 quarts, 3 gallons.

how do you say do you wanna fight me in French?

Compare the temperature of water as ice begins to form with the temperature of ice as it begins to melt

Fred bought 6 new baseball trading cards to add to his collection. The next day his dog ate half of his collection. There are now only 29 cards left. How many c

What is 5/8 equal to

Julie's savings account has a balance of $57.85 in January. By March, her balance is 4 times as much as her January balance. Between March and November, Julie d

meerkat18 meerkat18 · Answer 1 · 2017-10-17T05:52:54+02:00

Simple interest is computed by multiplying 6,000 by 0.05 (5%) 3 times and adding the total of the products and 6,000. This yields a total of 6,900. Compound interest is computed by multiplying 6,000 by 0.05 to get 6,300. Then 6,300 will be multiplied by 0.05 to get 6615. 6615 is multiplied again by 0.05 to get 6945.75. To get the difference, simply subtract 6945.7 to 6900. With this, one can earn $45.75 more annually if he or she invests in eastern banked as compared to if he or she invests in western bank.