Simple & Compounding Interest
posted by Need Help!!! .
I am SO STUCK on this problem... PLEASE HELP ASAP!!!
Suppose Kevin and Jill both deposit $4000 into their personal accounts. If Kevin’s account earns 5% simple interest annually and Jill’s earns 5% interest compounded annually, how much will each account balance show at the end of 5 years? Calculate the difference between each account.