mrzchilds38 mrzchilds38

03-02-2024
Mathematics

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Amy deposits $50,000 into an account that pays simple interest at a rate of 2% per year. Bill deposits $50,000 into an account that also pays 2% interest per year. But it is compounded annually. Find the interest Amy and Bill earn during each of the first three years. Then decide who earns more interest for each year. Assume there are no withdrawals and no additional deposits. Year First Second Third Interest Amy earns (Simple interest) $ $0 $0 Interest Bill earns (Interest compounded annually) $0 $0 $ FA Who earns more interest? Amy earns more. Bill earns more. O They earn the same amount. O Amy earns more. Bill earns more. They earn the same amount. O Amy earns more. Bill earns more. They earn the same amount.

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