SOLUTION: Which option gives the greater ending balance? a. Put $625 in an account that pays 8% interest compounded yearly for 8 years. b. Put $750 in an account that pays 6% interest compou

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Question 46896: Which option gives the greater ending balance? a. Put $625 in an account that pays 8% interest compounded yearly for 8 years. b. Put $750 in an account that pays 6% interest compounded yearly for 8 years.
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
I=PRT OR 625*.08*8=$400 & 750*.06*8=$360 THUS THE $625 INVESTMENT GIVES A GREATER INTEREST.