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willowdavis97
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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 $1,500 at an interest rate of 10% for 4 years, while Jenny invests $1,500 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.
 one year ago
 one year ago
willowdavis97 Group Title
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 $1,500 at an interest rate of 10% for 4 years, while Jenny invests $1,500 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.
 one year ago
 one year ago

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willowdavis97 Group TitleBest ResponseYou've already chosen the best response.0
I am horrible with math problems and I cant find anything that explains how to get the answer. so far I have Jimmy1,500(1+(.10/12))^48 1,500(1+.008)^48 Jenny1,500(1+(.05/12))^12(6) is this right so far?
 one year ago
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