Respuesta :
Answer:
Iliana will have the most money, with a total of $580
Step-by-step explanation:
We can find the amount of money that each one will have using the formulas of interest:
For Iliana and Joann, simple interest: Total money = P + P*r*t
For Cyndy, compound interest: Total money = P*(1+r)^t
So, using the time of four years, we can calculate the total money of each one:
Iliana: P = 500 and r = 0.04:
Total money = 500 + 500*0.04*4 = $580
Joann: P = 515 and r = 0.03:
Total money = 515 + 515*0.03*4 = $576.8
Cyndy: P = 500 and r = 0.035:
Total money = 500*(1+0.035)^4 = $573.7615
So Iliana will have the most money, with a total of $580
Answer:
Lliana with a total sum of $580
Step-by-step explanation:
With the question tabled out,we can derive the respective amount of money available to the three individuals after a four years period.
For both lliana and Joann, simple interest:
I = p×r×t
where p is the principal, r is the rate and t is time.
The total amount of money available will be
p + I
For Cyndy, compound interest: Total money = P × (1+r)^t
We can calculate the total money of each one after the 4 years period
Iliana: P = 500 and r = 0.04:
I = 500 × 4/100 × 4
= 5 × 16
= 80
Total money (P + I )
500 + 80 = $580
Joann: P = 515 and r = 0.03:
Total money = 515 + (515 × 0.03 × 4 )= $576.80
Cyndy: P = 500 and r = 0.035:
Total money = 500×(1+[3.5/100])⁴= $573.8
From the above calculations,we can all agree that Lliana has the most money after these four year period
