Barry and Larry both deposited $15,000 into a savings account. Barry put his money into an account earning 3.5% simple interest and Larry put his money into an account earning 3.5% annual compound interest. Both leave the money in the account for 30 years. What is the difference in their ending balances? Question 3 options: $26, 351.91 $15,750 $11,351.91 $42,101.91

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Mathematics

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3 May, 13:30

Barry and Larry both deposited $15,000 into a savings account. Barry put his money into an account earning 3.5% simple interest and Larry put his money into an account earning 3.5% annual compound interest. Both leave the money in the account for 30 years. What is the difference in their ending balances? Question 3 options: $26, 351.91 $15,750 $11,351.91 $42,101.91

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Benjamin Mcdowell · Answer 1

Step-by-step explanation:

compound interest formula

starting value*interest^to the no of years annually

substitute the numbers so:

15000*1.035^30

1.035 is the interest

15000 is start value

30 is no of years

so the answer is $42,101.91