Three friends decide that they each want to be able to buy a new bike in four years.
Sana puts $500 in a savings account with a simple interest rate of 4%.
Joann invests S515 in a standard savers account with a simple interest rate of 3%.
Cyndy invests $500 in a junior achievers account with a 3.5% compound interest rate.
Using the formula - Prt for simple interest and A-P(1+r) for compound interest, who will have the most money to s
a new bike at the end of the four years?
Joann will have the most money, $576.80 for the bike
Cyndy will have the most money, $580.00 for the bike.
Cyndy will have $576.80, the most money for the bike
Wana will have $580.00, the most money for the bike.