5 Susie wants to deposit $6,000 into a savings account and plans to leave her money in the account for 10 years. The bank offers two types of savings accounts. ● Account 1: offers 4.5% simple interest
● Account 2: offers 4% interest compounded annually
Which statement about the savings accounts is true?
A Susie should invest her money in Account 1 because the account will earn $300.00 more in interest than Account 2 after 10 years.
B Susie should invest her money in Account 1 because the account will earn $436.35 more in interest than Account 2 after 10 years.
C Susie should invest her money in Account 2 because the account will earn $617.82 more in interest than Account 1 after 10 years.
D Susie should invest her money in Account 2 because the account will earn $181.47 more in interest than Account 1 after 10 years.

Option D

Explanation:

step 1

Account 1

The simple interest formula is equal to

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

substitute in the formula above

step 2

Account 2

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above

step 3

Find the difference

therefore

Susie should invest her money in Account 2 because the account will earn $181.47 more interest than Account 1 after 10 years

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