Please Help I am having trouble with these questions
Imagine you have invested $800 into a savings account that earns 3.5% interest
compounded annually. What is the balance of your account after 5 years without more
deposits or withdrawals?
An employee put $5,000.00 in a retirement account that offers 9% interest compounded
annually. The employee makes no additional deposits or withdrawals. What is the
amount of interest this account will earn in 5 years? (Think through this carefully.)
A) What is the amount in the account?
B) What is the interest earned in 5 years?
Jose deposits splits $5,000 evenly into 2 savings accounts.
• Account 1 is safer investment and earns on average 4% simple interest.
• Account 2 is riskier but earns on average 3.5% compounded annually.
What are the amounts each account will earn at the end of 3 years in no additional
deposits or withdrawals are made?
Account 1_______________
Account 2_______________
Were you surprised by which account earned more?
Also please make sure to show all work Please help and Thank you!
