Katsuki1Bakugo Katsuki1Bakugo

11-05-2021
Mathematics

contestada

April and Cody invest $5,000 each at their local bank. April invests at a 4% simple interest rate, and Cody invests at a 4% interest rate, compounded annually. What is the difference in their account balances after three years?

Respuesta :

mhanifa mhanifa

11-05-2021

Answer:

$24.32

Step-by-step explanation:

The difference in balances is:

5000*(1 + 0.04)^3 - 5000*(1 + 0.04*3) =
5624.32 - 5600 =
24.32

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