Anne deposited $500 in an account that earns 6% simple annual interest. shelly deposited $500 in an account that earns 6% annual interest compounded annually. they leave the money in the account for 4 years. which statement is true about the two investments after 4 years?

The statement Shelly will have $11.2 more in her account than Anne is correct statement .

Step-by-step explanation:

Given as :

For Anne

The principal deposited in account = $500

The rate of interest = r = 6 % at simple interest

The time period = t = 4 years

Let The amount in account after 4 years =

From Simple Interest method  

Simple Interest =

Or, s.i =  

Or, s.i =  

Or, s.i = $120

∵, Amount = Principal + interest

Or,   = p + s.i

Or,   = $500 + $120

Or, = $620

So,The amount in account after 4 years = = $620

Again

For Shelly

The principal deposited in account = $500

The rate of interest = r = 6 % at compounded annually

The time period = t = 4 years

Let The amount in account after 4 years =

From Compound Interest method

Amount = Principal ×

Or, Amount = p ×

Or, = $500 ×

Or, = $500 ×

Or, = $500 × 1.2624

∴ = $631.2

So,The amount in account after 4 years = = $631.2

Now, Difference between amount in both accounts

i.e Amount into Shelly account - Amount into Anne account = $631.2 - $620

Or, Difference between amount in both accounts = $11.2

∴  It is now clear that amount in credited into Shelly account is $11.2 more

Hence, The statement Shelly will have $11.2 more in her account than Anne is correct statement . Answer

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step-by-step explanation: