Mathematics, 27.03.2022 05:40 anrs14
Ava has $500 to put into a savings account. The interest rate for the simple interest account is 5.20%, which is represented by the function P(t)=500+26t. The interest rate for the compound interest account is 3.25%, which is represented by the function P(t)=500(1.0325)t. Ava wants to know how long she needs to keep the money in the account to make the compound savings account a better deal.
Which statements are true? Select all that apply.
The compound interest account will always have more money than the simple interest account.
The simple interest account will always have more money than the compound interest account.
Within the first 10 years, the compound interest account will surpass the simple interest account.
It takes more than 25 years for the compound interest account to surpass the simple interest account.
In year 10, the compound interest account will have about $70 more than the simple interest account.
In year 10, the simple interest account will have about $70 more than the compound interest account.
Answers: 1
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Ava has $500 to put into a savings account. The interest rate for the simple interest account is 5.2...
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