Question

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 I = P r t for simple interest and A = P (1 + r) Superscript t for compound interest. Round to the nearest dollar.
Keir will have $1,440, the most money for the boat.
Vanore will have the most money, $1,271, for the boat.
Omar will have the most money, $1,271, for the boat.
Vanore will have $1,440, the most money for the boat

Answer 1

Answer:

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Explanation:

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