Steven invests $20,000 in an account earning 3% interest, compounded annually for 10 years. three years after stevens's initial investment, evan invests $10,000 in an account earning 7% interest, compounded annually for 7 years. given that no additional deposits are made, compare the amount of interest earned after the interest period ends for each account. (round to the nearest dollar)

The formula to find the amount is

here A is amount

P is the principal

'r' is the rate of interest

n is the number of years.

Case 1.

Stevan invests

P =$ 20,000

r = 3% = 0.03

n = 10 years

Hence the interest earned

= A - P = 26878.33 - 20000 = $6878.33

Case 2.

Evan invests

P = $10,000

r = 7% = 0.07

n = 7 years

Hence the interest earned

= A - P = 16057.81 - 10000 = 6057.81

Difference in the interest = 6878.33 - 6057.81 = $820.52

Rounded to the nearest dollar difference in interest = $821

37

step-by-step explanation:

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