anonymous
  • anonymous
The formula for determining interest compounded monthly is A = P(1 +r/12 )^12t, where A represents the amount invested after t years, P the principal invested, and r the interest rate. Jimmy invests $1,000 at an interest rate of 10% for 3 years, while Jenny invests $1,000 at an interest rate of 5% for 6 years. Determine the amount of return gained by Jimmy and Jenny. In complete sentences, summarize your results.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
You need to use the formula to work out the amount for Jenny and Jimmy first. Do you have the answers to this?
anonymous
  • anonymous
Also interest gained is I=A-P where A is the final amount and P is the principle or amount first invested.
anonymous
  • anonymous
I do not have those answers.

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anonymous
  • anonymous
Jimmy: A = $1,000 ( 1 + .1/12 ) ^36 = $1,346.18 Jenny: A = $1,000 ( 1 + .05/12 ) ^72 = $4,413.15
anonymous
  • anonymous
Jimmy gains: $1,346.18 - 1,000 = $346.18 Jenny gains: $4,413.15 - 1,000 = $3,413.15
anonymous
  • anonymous
Well since Chlorophyll has given you the answers what can you say about the results?
anonymous
  • anonymous
@claireshowers say something!
anonymous
  • anonymous
@claireshowers Don't forget to write the conclusion, It's for your own benefit!

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