If you have $200 to invest for 10 years, would you rather invest your money in a bank that pays 70% simple interest or 5% interest compounded annually?

Simple Interest

Step-by-step explanation:

Notes:

We are given; P = 200, r = 70% (.7), t = 10

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Simple Interest formula:   A = P + Prt

                                            A = 200 + 200(.7)(10)

                                            A = 1600.00

Compound Interest formula:      

                                                    A = 200(1 + .05)¹⁰

                                                    A = 325.78

The $200 investment will result in a larger accrued amount if invested in the bank that pays 70% simple interest.

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