Find the best balance after investing $12,000 for a period of 7 years at two different interest earning types: simple interest at 5% and compound interest at 4.5%. Round the answer to two decimal places.(1 point)

Question

The best balance after investing $12,000 for a period of 7

Answer 1

years at simple interest of 5% is $15,600.
The best balance after investing $12,000 for a period of 7 years at compound interest of 4.5% is $15,103.54.