A community for students.
Here's the question you clicked on:
 0 viewing
itsmichelle29
 one year ago
i medal and fan
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.
itsmichelle29
 one year ago
i medal and fan 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.

This Question is Closed

itsmichelle29
 one year ago
Best ResponseYou've already chosen the best response.0the formula is A(t)=p(1+ r/n) ^nt

itsmichelle29
 one year ago
Best ResponseYou've already chosen the best response.0i just dont know how to put it in a formula

triciaal
 one year ago
Best ResponseYou've already chosen the best response.2the amount A after time t in years = initial amount to invest p( 1 + r is the rate of interest/number of times to get interest for the year) raised to the power

triciaal
 one year ago
Best ResponseYou've already chosen the best response.2you have 2 sets to compute; one for Brooklyn and one for Patrick

triciaal
 one year ago
Best ResponseYou've already chosen the best response.2compounded quarterly means 4 times per year n= 4 compounded monthly means 12 times per year n = 12

triciaal
 one year ago
Best ResponseYou've already chosen the best response.2read the end of the question

itsmichelle29
 one year ago
Best ResponseYou've already chosen the best response.0ohhh okay okay sorry

triciaal
 one year ago
Best ResponseYou've already chosen the best response.2dw:1437511672095:dw

triciaal
 one year ago
Best ResponseYou've already chosen the best response.2the answer is the amount at the end of 2 years compare the 2 answers which is more?
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.