Question
Between simple interest at 5% and compound interest at 3%, determine which interest earning type will result in a higher balance when $3,200 is invested for 25 years. Find the difference in interest earnings between the two interest earning types.(1 point)
Responses
Simple interest at 5% is the better interest earning type. The difference in interest earnings is $4,000.
Simple interest at 5% is the better interest earning type. The difference in interest earnings is $4,000. - no response given
Compound interest at 3% is the better interest earning type. The difference in interest earnings is $3,636.33.
Compound interest at 3% is the better interest earning type. The difference in interest earnings is $3,636.33. - incorrect
Compound interest at 3% is the better interest earning type. The difference in interest earnings is $1,100.09.
Compound interest at 3% is the better interest earning type. The difference in interest earnings is $1,100.09. - no response given
Simple interest at 5% is the better interest earning type. The difference in interest earnings is $499.91.
Responses
Simple interest at 5% is the better interest earning type. The difference in interest earnings is $4,000.
Simple interest at 5% is the better interest earning type. The difference in interest earnings is $4,000. - no response given
Compound interest at 3% is the better interest earning type. The difference in interest earnings is $3,636.33.
Compound interest at 3% is the better interest earning type. The difference in interest earnings is $3,636.33. - incorrect
Compound interest at 3% is the better interest earning type. The difference in interest earnings is $1,100.09.
Compound interest at 3% is the better interest earning type. The difference in interest earnings is $1,100.09. - no response given
Simple interest at 5% is the better interest earning type. The difference in interest earnings is $499.91.
Answers
GPT 3.5
Compound interest at 3% is the better interest earning type. The difference in interest earnings is $1,100.09.
Related Questions
Compare simple interest at 3% and compound interest at 2% with interest being compounded monthly whe...
Compare simple interest at 3% and compound interest at 2% with interest being compounded monthly whe...
Between simple interest at 5% and compound interest at 3%, determine which interest earning type wil...
Between simple interest at 5% and compound interest at 3%, determine which interest earning type wil...