Asked by Brandt Cortina on May 21, 2024
Verified
Anthony closes out his account in which he deposited $500 five years ago at an interest rate of 5%. Mark closes out his account in which he deposited $500 ten years ago at an interest rate of 5%. Who had more in their account? About how much more did he have?
Interest Rate
The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets over a period.
- Master the computational strategies for assessing the present and future values of finances.
Verified Answer
CF
Chloe FisherMay 23, 2024
Final Answer :
Mark had more in his account. Mark had $814.45 in his account while Anthony had about $638.14 in his account. So Mark had about $176.31 more in his account.
Learning Objectives
- Master the computational strategies for assessing the present and future values of finances.