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Carter deposits $200 into a new savings account that pays 6% simple interest annually. Reese deposits $200 into a new savings account that pays 6% interest compounded annually. If both Carter and
Reese leave their $200 deposit in their accounts for 6 years, how much more will Reese's deposit eam in interest than Carters deposit
Explain all steps taken to solve the problem

Respuesta :

mplobley

Answer:

$11.70

Step-by-step explanation:

X= starting amount ($200)

R= interest rate (6%)

Y= years (6)

simple interest= [tex]X(1+ r^{y} )[/tex]

compounded interest= [tex]X(1+r)^{y}[/tex]

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