John and Susan just opened savings accounts at two different banks. Each deposited $1,000. John's bank pays simple interest at an annual rate of 10%, whereas Susan's bank pays compound interest at an annual rate of 9.5%. No principal or interest will be taken out of the accounts for a period of five years. At the end of five years, whose balance will be higher and by how much (to the nearest dollar)?

 

 

Alpha Geek

(8)

Status NEW Posted 16 May 2017 11:05 AM My Price 8.00

-----------

Attachments

1494932928-1777042_1_636304480388553665_1.PNG

Not Rated(0)

• Buy Answer