Three friends decide that they each want to be able to buy a new boat in five years. vanore puts $1,000 in a savings account with a simple interest rate of 4.5%. keir invests $1,200 in a standard savers account with a simple interest rate of 4%. omar invests $950 in a junior achievers account with a 6% annual compound interest rate. who will have the most money to spend on a new boat at the end of the five years? use the formula mc019-1.jpg for simple interest and mc019-2.jpg for compound interest. round to the nearest dollar.

Keir will have the most money ($1440) to spend on a new boat at the end of the five years.

Step-by-step explanation:

We have been given that three friends decide that they each want to be able to buy a new boat in five years.

Let us find the money earned by each friend after 5 years.

We will use simple interest formula to find the amount of money earned by Vanore and Keir.

, where,

,

,

,

Let us convert 4.5% interest rate in decimal for.

Therefore, Vanore will have $1225 after 5 years.

Let us convert 4% interest rate in decimal for.

Therefore, Keir will have $1440 after 5 years.

We will use compound interest formula to find the amount of money earned by Omar.

, where,

,

,

,

,

Let us convert our given interest rate in decimal form.

Therefore, Omar will get $1271.314 after 5 years.

As $1440 is greater than $1225 and also than $1271.31, therefore, Keir will have the most money to spend on a new boat at the end of the five years.

step-by-step explanation:

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