Financial Literacy: Question 2
Gordon opened a savings account with an initial deposit of $1,200.
His balance will earn 2.5% simple interest overy year, Balley opened
a savings account with an initial deposit of $900. Her balance will
earn 3.25% interest compounded annually. The deposits were made
on the same day, and no additional money will be deposited or
withdrawn from the accounts. Which statement about the balances of
Gordon's account and Balley's account at the end of 6 years is true?