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On June 1, 2022, Debbie opens a savings account at her local bank by depositing $2936. This account pays0.5% compound interest per month. On August 1, 2022 she adds $4216 to this account.

On June 1, 2022, Christy opens a savings account at her local bank by depositing $2936. This account pays 0.5% SIMPLE interest per month. On August 1, 2022 she adds $4216 to this account. (Be careful not to compound the interest. Each deposit earns simple interest for the time it is in the account.)

No additional money is put into either account (except for the interest earned), and no money is taken out until December 1, 2024 when both accounts are closed and all the money is withdrawn.

How much more money does Debbie withdraw than Christy? (Express your answer in dollars and cents to the nearest cent and do not include the dollar sign or any other characters or spaces except numbers, a decimal point or a negative sign in front if needed.)

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9497206

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