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bank a offers 6% simple interest on deposits. bank b offers 5% interest compounded annually. martha deposited $3000 into each bank to remain for 5 years. b. find the final balance at bank b. show all work.

Respuesta :

jstratford13
$18yr 1. $3000/100=$30=1% 30*5=150 so $3000+$150=$3150
yr 2. $3150/100= $31.50=1% 31.5*5=157.5 so $3150+157.5=$3307.50
yr3. $3307.50/100=33.075=1% 33.075*5=165.38 so $3307.50+ $165.38= $3472.88
yr 4. $3472.88/100=34.7288*5=$173.64 so $ 34772.88+$173.64= $3646.52
yr5. $3646.52/100=36.4652*5=$182.33 so $3646.52+$182.33= $3828.85
so the answer is $3828.85

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