A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 one year ago
Larry and Peggy are making decisions about their bank accounts. Larry wants to deposit $350 as a principle amount, with an interest of 4% compounded quarterly. Peggy wants to deposit $350 as the principle amount, with an interest of 6% compounded monthly. Explain which method results in more money after 2 years. Show all work.
anonymous
 one year ago
Larry and Peggy are making decisions about their bank accounts. Larry wants to deposit $350 as a principle amount, with an interest of 4% compounded quarterly. Peggy wants to deposit $350 as the principle amount, with an interest of 6% compounded monthly. Explain which method results in more money after 2 years. Show all work.

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@Kash_TheSmartGuy @perl @mathmath333

misssunshinexxoxo
 one year ago
Best ResponseYou've already chosen the best response.2Which option do you believe it is?

Kash_TheSmartGuy
 one year ago
Best ResponseYou've already chosen the best response.0A = P(1+r/n)^nt is the formula for compound interest. Plug in the values. n is 12

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0So A = P (1 + 4/12)^12(35)?

misssunshinexxoxo
 one year ago
Best ResponseYou've already chosen the best response.2"Larry wants to deposit $350 as a principle amount, with an interest of 4% compounded " This option would make the most $ after 2 years :)
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.