document.write( "Question 604298: I am SO STUCK on this problem... PLEASE HELP ASAP!!!\r
\n" ); document.write( "\n" ); document.write( "Suppose Kevin and Jill both deposit $4000 into their personal accounts. If Kevin’s account earns 5% simple interest annually and Jill’s earns 5% interest compounded annually, how much will each account balance show at the end of 5 years? Calculate the difference between each account. \n" ); document.write( "
Algebra.Com's Answer #381085 by mananth(16946)\"\" \"About 
You can put this solution on YOUR website!
KEVINS ACCOUNT
\n" ); document.write( "p= 4000
\n" ); document.write( "R= 0.05
\n" ); document.write( "T= 5\r
\n" ); document.write( "\n" ); document.write( "iNTEREST = 4000*0.05*5=1000\r
\n" ); document.write( "\n" ); document.write( "Kevin's account has $ 5000\r
\n" ); document.write( "\n" ); document.write( "-----\r
\n" ); document.write( "\n" ); document.write( "JILLS account
\n" ); document.write( "P =4000
\n" ); document.write( "r=0.05
\n" ); document.write( "n=1
\n" ); document.write( "t=5
\n" ); document.write( "Principal P = 4000
\n" ); document.write( "Amount= A
\n" ); document.write( "years=n 5.00
\n" ); document.write( "compounded 1 times a year t
\n" ); document.write( "Rate = 5.00 0.05
\n" ); document.write( "Amount = P*((n+r)/n)^n*t
\n" ); document.write( "
\n" ); document.write( "Amount =4000*(1 +0.05/t)^5*1
\n" ); document.write( "Amount =4000*(1+0.05)^5
\n" ); document.write( " 4000 *( 1.05 )^ 5
\n" ); document.write( "Amount = 5105.13 \r
\n" ); document.write( "\n" ); document.write( "you can work out the difference
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