February 21, 2017

Homework Help: Simple & Compounding Interest

Posted by Need Help!!! on Friday, April 27, 2012 at 10:32am.

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.

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