NEW 2024 simple and compound interest

Front

Monica wants to open a savings account with a deposit of $3,000. Account X pays 2.1% simple annual interest. Account Y pays 2.4% interest compounded annually. Which statement about these accounts at the end of 5 years is true?

Back

Account Y would earn Monica about $62.70 more in interest than Account X.

Front

Ben deposits $1,750 into each of his two savings accounts. - Account I earns 2.75% annual simple interest. - Account II earns 2.75% interest compounded annually. What is the difference in interest earned between Account I and Account II after 2 years? Options: $96.25, $1.32, $97.57, $193.82

Back

$1.32

Front

Gabriel deposits $2,500 into each of two savings accounts. Account I earns 4% simple interest. Account II earns 4% interest compounded annually. What is the sum of the balances of Account I and Account II at the end of 3 years?

Back

$5,612.16