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PLEASE HELP GIVING BRAINLIEST ANSWER IF GIVE A DETAILED ANSWER THNX SO MUCH! Tyler has $1000 that he wants to put in a savings account. He wants to save the money for 6 years. After 6 years he plans to take the money out and spend it on college. He looks at two different banks, and they offer him different interest options.

Bank A offers Tyler 4% simple interest. How much would Tyler’s investment be worth after 6 years in this account? Show your calculations below.


Bank B offers Tyler 3% interest compounded annually. How much would Tyler’s investment be worth after 6 years in this account? Show your calculations below.


In which bank should Tyler place the $1000 he is saving for college?

Respuesta :

he would choose bank A



I only know the answer to the first : ( sorry. the answer to the first in detail ; ) is Tyler's $1,000 investment will be worth $1,240 after 6 years, invested at 4% interest rate. The problem gives the following relevant data: Principal = $1000Interest rate = 4% simple interest Term or time period = 6 years Since simple interest is given, we need to use the simple interest formula; I = P x R x T where: P is the principal, R is the interest rate, and T is the time the money will be invested. I = $1000 x 4% x 6yrsI = $1000 x 0.04 x 6I = 40 x 6I = 240  Interest earned after 6 years is $240.Total Investment = Principal + Interest x T x I = $1,000 + $240 x T x I = $1,240  the value of Tyler's investment after 6 years.

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