Nathan has $700 to deposit into two different savings accounts. • Nathan deposits $350 into Account I, which earns 5% simple interest. • Nathan deposits $350 into Account Il, which earns 5% interest compounded annually. o Which account earns more interest at the end of 4 years?

Answers

Answer 1

Not that at the end of 4 years, Account II earns more interest, with a total of $182.88 compared to $70 earned by Account I.

What is the explanation for the above response?

To compare the two accounts, we need to calculate the interest earned by each account after 4 years:

• Account I:

Simple Interest = Principal * Rate * Time

= $350 * 0.05 * 4

= $70

• Account II:

Compound Interest = Principal * (1 + Rate/ n)^(n * Time) - Principal

= $350 * (1 + 0.05 / 1)^(1 * 4) - $350

= $182.88

So, at the end of 4 years, Account II earns more interest, with a total of $182.88 compared to $70 earned by Account I. This is because compounding the interest annually allows for interest to be earned on the interest previously earned, resulting in a higher overall return.

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Related Questions

Prompt: Should there be an age limit on when students can get cell phones?

*Please help me asap have to turn this in two days. FREE 30 POINTS. Thanks.

Answers

Answer: The topic of whether or not it is appropriate for children to have access to cell phones has elicited a great deal of controversy over a prolonged period. One perspective is that parents contend that providing their offspring with cellular phones is imperative for both emergency situations and intercommunication purposes. Conversely, scholars contend that mobile phones can serve as a hindrance and impede the progress of a juvenile's growth. The current essay will comprehensively examine the divergent arguments encompassing whether adolescents ought to possess cellular phones and consequently provide an individual viewpoint on the matter.

One of the foremost rationales behind the parental decision to bestow cell phones upon their offspring is safety concerns. In cases of emergency situations, children possess the capability to swiftly summon aid or get in touch with a guardian for support. Furthermore, cellular devices can be utilized by parental figures as a means of monitoring the geographic whereabouts of their offspring to guarantee optimal safety. In situations where parents experience prolonged work hours or a demanding schedule, mobile devices can serve as a practical means of maintaining constant engagement with their offspring and engaging in frequent discussions regarding routine affairs.

Nevertheless, there exist apprehensions regarding the detrimental effects that mobile devices may impose on a child's growth and progress. Excess utilization of digital devices has been associated with a decline in attention span and suboptimal academic achievement. Moreover, the utilization of social media platforms and texting has the potential to divert one's attention from crucial obligations such as academic assignments, while also potentially contributing to negative repercussions such as virtual harassment and social estrangement. Moreover, the incessant activation of cellular devices has the potential to impede a child's capacity for repose and sufficient slumber.

The determinative factor on whether or not a child should possess a cell phone is significantly contingent upon their developmental age and aptitude for personal responsibility, as expressed by the author's perspective. It is plausible that younger children might lack the cognitive development and self-regulatory ability necessary to effectively navigate the various disturbances and risks inherent in owning a cellular device. As a child matures and gains autonomy, a mobile device can serve as a valuable instrument for sustaining communication with both loved ones and acquaintances. It is crucial for parents to exercise vigilance towards the mobile phone usage of their offspring and establish suitable restrictions, such as curbing screen duration and regulating accessibility to particular mobile applications and web portals.

Therefore, it is imperative to engage in thoughtful evaluation when determining whether or not to provide a child with a cellular device. This decision is multifaceted and necessitates in-depth examination. Despite the undoubted advantages of possessing a mobile device, there exist plausible adverse consequences that necessitate careful consideration. Ultimately, the responsibility of assessing the advantages and disadvantages and arriving at an informed determination, contingent on their offspring's stage of growth, level of maturity, and unique requisites, lies with parents.

Explanation:

Sally wants a new computer, but she must decide between a laptop and a desktop model. One good thing (pro) about the laptop is that it easily moved from place to place. A bad thing (con) about the laptop is that it costs more money. Using this information, what is a possible consequence of Sally getting a desktop model?

Answers

Answer:

The consequences will be that it will have more power, feature, easier to use compare to the laptop which is it's advantage. However it can't be moved from place to place like a laptop. It has more addictive games, you need a good room to place it and required equipment like mouse and Monitor to operate it.

A possible consequence of Sally getting a desktop model is that she will have to stay in one place when using her computer, as it is not as portable as a laptop. Additionally, she may save some money by purchasing the desktop model, but she will not have the same mobility that a laptop offers.

A total of 95 people from a random sample of 215 workers from Company A admitted to using sick leave when they weren’t really ill. And 77 employees from a random sample of 168 workers from Company B admitted that they had used sick leave when they weren’t ill.

Interpret the 98% confidence interval for the difference in the proportions of workers at the two companies who would admit to using sick leave when they weren’t ill?

Answers

Let's say the confidence interval is (0.068, 0.189). This means that we are 98% confident that the true difference in proportions of workers from the two companies who would admit to using sick leave when they weren't ill lies between 0.068 and 0.189.

Explanation:

Your credit card has a credit limit of $1,000. Your credit card company reviews your credit line every 6 months. They will not increase your credit line more than 10% each 6-month period. Assuming they increase your limit each 6-month period by 10%, how long will it take to increase your limit to $1,600?

a) 0. 5 years

b) 1 year

c) 2. 5 years

d) 10 years

Answers

Answer:

C

Explanation:

We can solve this problem by using exponential growth. If the credit line increases by 10% every 6 months, then the credit line after n periods can be calculated as:

Credit line after n periods = $1,000 x 1.1^nWe want to find how many periods (n) it will take for the credit line to reach $1,600. So we can set up the equation:

$1,600 = $1,000 x 1.1^nDividing both sides by $1,000, we get:

1.6 = 1.1^nTaking the logarithm of both sides, we get:

log(1.6) = n x log(1.1)

n = log(1.6) / log(1.1)

n ≈ 5Therefore, it will take approximately 5 periods of 6 months each, or 2.5 years, for the credit line to increase to $1,600.

The answer is (c) 2.5 years.

Solve inequailty c-2.5_<2.5

Answers

Answer: c ≤ 5

Explanation: The addition of 2.5 to both sides of the inequality results in the following expression:

The mathematical inequality of "c - 2.5 + 2.5 ≤ 2.5 + 2.5" can be expressed in an academic manner as follows: The given inequality implies that the value of "c" subtracted by 2.5 and then added by 2.5 should be less than or equal to the sum of 2.5 and 2.5.

By simplifying both the left and right side, we obtain:

The variable "c" has an upper bound of 5.

Answer:

To solve the inequality c-2.5 ≤ 2.5, we need to isolate c on one side of the inequality symbol.

c - 2.5 ≤ 2.5

c - 2.5 + 2.5 ≤ 2.5 + 2.5 (Adding 2.5 to both sides)

c ≤ 5

Therefore, the solution to the inequality is c ≤ 5

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