At the same time that Rick opened an account with $150 at Bank A, Mary Jane opened an account at Bank B with $150. Mary Jane’s account has 10% simple annual interest and Rick’s gives 12% annual interest compounded quarterly. If neither Rick nor Mary Jane make any additional deposits or withdrawals, then what percent more does Rick have in his account after a year?
A. \(\frac{150\cdot 1.03^4-150\cdot 1.1}{150\cdot 1.1}\)
B. \(150\cdot 0.12 \cdot 2 - 150 \cdot 0.1\cdot 2\)
C. \(\frac{150\cdot 0.12\cdot 4-150\cdot 0.1}{150\cdot 1.1}\)
D. \(150\cdot 1.03^4 - 150\cdot 1.1\)
E. \(\frac{150\cdot 1.12^4-150\cdot 1.1}{150\cdot 1.1}\)
The OA is A
Source: Princeton Review
A. \(\frac{150\cdot 1.03^4-150\cdot 1.1}{150\cdot 1.1}\)
B. \(150\cdot 0.12 \cdot 2 - 150 \cdot 0.1\cdot 2\)
C. \(\frac{150\cdot 0.12\cdot 4-150\cdot 0.1}{150\cdot 1.1}\)
D. \(150\cdot 1.03^4 - 150\cdot 1.1\)
E. \(\frac{150\cdot 1.12^4-150\cdot 1.1}{150\cdot 1.1}\)
The OA is A
Source: Princeton Review
