anonymous
  • anonymous
Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300 as a principle amount, with an interest of 3% compounded quarterly. Brooklyn wants to deposit $300 as the principle amount, with an interest of 5% compounded monthly. Explain which method results in more money after 2 years. Show all work.
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
katieb
  • katieb
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
@Kidthatbro8 @Keigh2015 @longboardman15 @uybuyvf @Owlcoffee @insa @automaticloveletter @SyedMohammed98 @Kash_TheSmartGuy @mukushla @yashiii
kropot72
  • kropot72
You need to use the following formula \[\large A=P(1+\frac{r}{n})^{nt}\] where P is the principal, A is the amount after t years, r is the interest rate expressed as a decimal, and n is the number of compounding periods in a year.
kropot72
  • kropot72
So plugging in the values for Patrick's investment \[\large A _{P}=300(1+\frac{0.03}{4})^{4\times2}\] and for Brooklyn's investment \[\large A _{B}=300(1+\frac{0.05}{12})^{12\times2}\]

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
Thank you so much!
kropot72
  • kropot72
You're welcome :)

Looking for something else?

Not the answer you are looking for? Search for more explanations.