Today,Stacy is investing $18,000 at 6.72 percent,compounded annually,for 5 years.How much additional income could she earn if she had invested this amount at 7.15 percent,compounded annually?
A)$43.11
B)$506.06
C)$401.16
D)$442.79
E)$484.08

Question

Quizplus · Accepted Answer

To find the additional income, calculate the future value for both interest rates and find the difference. At 6.72%, the future value is $24,892.92. At 7.15%, the future value is $25,398.98. The difference is $506.06.

Today,Stacy Is Investing $18,000 at 6