Over 2 years how much more does $2,000 in a savings account with an apr of 5.2% compounded quarterly earn in interest then the same amount in a savings account with an apr of 4.8% compounded monthlya.$33.22b. $8.31c.$4.15d. $16.61(apex)

$16.61

Solution:

Let's suppose we have two types of savings account, both containing a deposit of $2000.

Now, we have to calculate the earning of both accounts

The formula used to calculate the earning will be

                                                      v = p( 1 + (r/n) )^(nt)

Here, v= final earning

r= interest rate (in decimal form)

p=initial principal value

t = total number of year

n =  compounding periods of years

5.2 percent in decimal form = 5.2/100= 0.052

                                          v = 2000 x ( 1 + (0.052/4) )^(4*2)

                                              =2217.71

So the total earning of account A will be $ 2217.71

4.8 percent in decimal form = 4.8/100= 0.048

                                           v= 2000*( 1 + (0.048/12) )^(12*2)

                                            = 2201.10

So the total earning of account A will be $ 2201.10

Now, to find how much account A earned more than account B, we will subtract the earning of B from A.

                                                 2217.71-2201.10=$16.61

So account A, earned $16.61 more than account B.

Hope it helps! :)

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