Assume that you and your best friend each have $1,000 to invest. you invest your money in a fund that pays 10% per year compound interest. your friend invests her money at a bank that pays 10% per year simple interest. at the end of 1 year, the difference in the total amount for each of you is: a. you have $10 more than she does. b. you have $100 more than she does. c. you both have the same amount of money. d. she has $10 more than you do.

correct answer is c. You both have the same amount of money

Explanation:

given data

invest = $1000

pay compound interest = 10%

pay simple interest = 10%

time = 1 year

solution

we get here difference in the total amount that is your friend money -  your money  .................1

so difference in the total amount = invest × - [ invest + ( invest  × rate × time) ] ......................2

put here value

difference in the total amount = $1000 × - [$1000 +  ( 1000  × 10% × 1) ]

difference in the total amount = 0

so correct answer is c. You both have the same amount of money

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