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17 May, 19:51

Kramer just invested $7,200 for 7 years and will earn compound interest of 8.5 percent per year. justin also just invested $7,500 for 7 years and will earn simple interest of 9.5 percent per year. in 7 years, who will have more money and by how much?

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  1. 17 May, 22:05
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    Kramer

    7,200 * (1+0.085) ^ (7) = 12,745

    Justin

    7,500 * (1+0.095*7) = 12,488

    Kramer will get more by

    12,745-12,488=257
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