Todd deposited $1,600 in an account that earns 7% simple interest every year. His brother Adam deposited $1,550 in an account that earns 7.5% interest compounded annually. The deposits were made on the same day, and no additional money will be deposited or withdrawn from the accounts. Who will have the most money in their account and how much more at the end of 4 years?
8.12 Personal financial literacy. The student applies mathematical process standards to develop an economic way of thinking and problem solving useful in one's life as a knowledgeable consumer and investor. The student is expected to:
(D) calculate and compare simple interest and compound interest earnings