Lee and Lyn both invested their birthday money. Lee put his money in a savings account that earned 8% simple interest annually.
Lyn put her money in an account that earned 8% interest compounded annually. Who made the better investment and why?
1 answer:
Lyn made a better investment.
Her money will grow quicker than Lee because the money grows by 8% annually, and then the next year 8% off of the new balance.
Lee's money will only grow by 8% from the original price.
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