ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Jose wants to save money for a house and finds two accounts that pay 3% in interest. He wants to invest $3000. He has 2 options to invest his money. Option A is a simple interest account with a time period of 10 years. Option B is a compound interest account with a time period of 12 years. What would be his account balance in Option B?
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$4, 277.28
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$900
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$1, 277.28
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$1, 080
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Explanation:
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