6. Yu is considering two different banks for his $3,000 savings account: OPTION A 4% FOR 20 YEARS SIMPLE INTEREST OPTION B 2% FOR 10 YEARS COMPOUND INTEREST 8 What is the interest earned on option A? O What is the total value on option A? What is the interest earned on option B? O What is the total value on option B? 10 Which is the better option?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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The percents keep mixing me up.

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Compound Interest
6. Yu is considering two different banks for his
$3,000 savings account:
zoom in
8
?/1
OPTION B
2% FOR 10 YEARS
COMPOUND
INTEREST
OPTION A
4% FOR 20 YEARS
SIMPLE INTEREST
9
8 What is the interest earned on option A?
?/1
The compound interest earned on
9 What is the total value on option A?
Option B is $656.98
The total value on Option B is $3656.98
What is the interest earned on option B?
10
Option A
d What is the total value on option B?
?/1
Option B
10 Which is the better option?
O O
Transcribed Image Text:1 2 3 4 5 6 7 8 9. 10 11 Compound Interest 6. Yu is considering two different banks for his $3,000 savings account: zoom in 8 ?/1 OPTION B 2% FOR 10 YEARS COMPOUND INTEREST OPTION A 4% FOR 20 YEARS SIMPLE INTEREST 9 8 What is the interest earned on option A? ?/1 The compound interest earned on 9 What is the total value on option A? Option B is $656.98 The total value on Option B is $3656.98 What is the interest earned on option B? 10 Option A d What is the total value on option B? ?/1 Option B 10 Which is the better option? O O
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