PLEASE WILL MARK BRAINIEST!!!!!! Jameson and Quincy each deposit $7,000 into accounts that earn 6% interest, but Jameson earns annual simple interest while Quincy earns annual compound interest. Assuming neither one of them makes any deposits or withdrawals for 5 years, which of the following is a true statement?

Jameson will have about $9,367.58 less in his account than Quincy.

Jameson will have about $267.58 less in his account than Quincy.

Jameson will have about $2,367.58 more in his account than Quincy.

Jameson will have about $2,100 more in his account than Quincy.

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ashishdwivedilVT ashishdwivedilVT · Answer 1 · 2022-06-14T16:16:50+02:00

Jameson will have about $267.58 less in his account than Quincy.

Compound interest is the interest calculated on the principal and the interest accumulated over the previous period.

Here, Jameson deposit Principal = $ 7000

Duration = 5 years

Rate of interest = 6 % SI per annum.

For simple Interest, Amount = P(1+RT)

Total amount in Jameson at the end of 5 years = 7000 ( 1 + 0.06 X 5)

= 7000 X 1.3

= $ 9100

Quincy deposit Principal = $ 7000

Duration = 5 years

Rate of interest = 6 % CI per annum.

For Compound Interest, Amount = P(1+R)ⁿ

Total amount in Quincy at the end of 5 years = 7000 ( 1 + 0.06)⁵

= 7000 X 1.34

= $ 9367.58

Thus, Jameson will have about $267.58 less in his account than Quincy.

Learn more about Compound Interest from:

https://brainly.com/question/14295570

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