Mathematics, 29.06.2019 18:30 lilypup004
If $1500 is deposited in an account that pays 4% interest, what is the difference in the amount after 3 years between the amount earned if the principal is compounded annually and the amount earned calculated using simple interest? $3.20 $7.30 $9.40 $15.10
Answers: 1
![\bf \rule{34em}{0.25pt}\\\\ ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$1500\\ r=rate\to 4\%\to \frac{4}{100}\dotfill &0.04\\ t=years\dotfill &3 \end{cases} \\\\\\ A=1500[1+(0.04)(3)]\implies A=1500(1.12)\implies \boxed{A=1680} \\\\[-0.35em] \rule{34em}{0.25pt}\\\\ 1687.296 - 1680\implies 7.296](/tpl/images/0031/9355/1f365.png)
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If $1500 is deposited in an account that pays 4% interest, what is the difference in the amount afte...
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