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15-06-2024
Mathematics

Answered

Jessica deposits $3000 into an account that pays simple interest at a rate 2 % of per year. Tom deposits $3000 into an account that also pays 2% interest per year. But it is compounded annually. Find the interest Jessica and Tom earn during each of the first three years. Then decide who earns more interest for each year. Assume there are no withdrawals and no additional deposits. Year First Second Third Interest Jessica earns (Simple interest) Interest Tom earns (Interest compounded annually) Who earns more interest? Jessica earns more. Tom earns more. They earn the same amount. Jessica earns more. Tom earns more. They earn the same amount. Jessica earns more. Tom earns more. They earn the same amount.

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