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Paul invests $4,000 in an account earning 9% interest compounded annually. Mike invests $4,500 in an account earning 6% interest compounded annually. Who will have more money in their account after 2 years? How much more? A. Paul will have $320 more than Mike after 2 years. B. Mike will have $320 more than Paul after 2 years. C. Paul will have $303.80 more than Mike after 2 years. D. Mike will have $303.80 more than Paul after 2 years.

Respuesta :

Answer:

The answer is D mike will have $303.80 more than Paul.

Step-by-step explanation:

9% of 4000 = 360

4000+360 = 4360

9% of 4360(because its a compounding interest rate) = 392.4

4360+392.4 = $4752.4 <= Pauls total money after 2 years

6% of 4500 = 270

4500 + 270 = 4770

6% of 4770 = 286.2

4770+286.2 = $5056.2 <= Mikes money after 2 years

Then subtract the two values

5056.2 - 4752.4 = 303.80

Hope this helps please mark brainliest.

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