Chickenmoomoo6 Chickenmoomoo6

21-06-2020
Mathematics

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Emily invested $4,000 at 5% interest compounded every year, and another $4,000 at 5% simple interest. What will be the net gain in the worth of her compound interest investment compared to the simple interest investment at the end of second year?

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mhanifa mhanifa

21-06-2020

Answer:

$10

Step-by-step explanation:

Investment 1- simple interest

Gain= 4000*2*0.05= $400

Investment 2- compound interest

Gain= 4000*(1.05²-1)= $410

The difference:

$410-$400= $10

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