Question
Suppose you invest $850 in an account paying 7% interest per year. a. What is the balance in the account after 3 years? How much
Suppose you invest $850 in an account paying 7% interest per year.
a. What is the balance in the account after 3 years? How much of this balance corresponds to"interest oninterest"?
b. What is the balance in the account after 34 years? How much of this balance corresponds to"interest oninterest"?
a. What is the balance in the account after 3 years?
The balance in the account(with compoundedinterest) after 3 years is $
1041.29
The balance in the account(with simpleinterest) after 3 years is?
(Round to the nearestcent.)
I answered the first part of A but it has a second part. I also need help with B.
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