15
QuizMultiple Choice

Unit Test — Unit test

Question 15 • FL-1200370-Algebra 1-A Semester 2 Adult Credit Course SY2526

Melanie invests $4,000 into an account offering 4% interest compounded annually. Gina invests $4,000 into a simple interest savings account offering a 4.5% interest rate. What is the dollar amount of the greater balance at the end of five years? Round to the nearest dollar. Use the formula for compound interest; Use the formula for simple interest.

Question illustration
Answer

Correct Answer:

"4,900"