itsmichelle29
  • itsmichelle29
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.
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.
schrodinger
  • schrodinger
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
itsmichelle29
  • itsmichelle29
the formula is A(t)=p(1+ r/n) ^nt
itsmichelle29
  • itsmichelle29
i just dont know how to put it in a formula
triciaal
  • triciaal
the 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

Looking for something else?

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

More answers

triciaal
  • triciaal
you have 2 sets to compute; one for Brooklyn and one for Patrick
triciaal
  • triciaal
compounded quarterly means 4 times per year n= 4 compounded monthly means 12 times per year n = 12
itsmichelle29
  • itsmichelle29
okay thanks
triciaal
  • triciaal
read the end of the question
itsmichelle29
  • itsmichelle29
ohhh okay okay sorry
triciaal
  • triciaal
|dw:1437511672095:dw|
triciaal
  • triciaal
the answer is the amount at the end of 2 years compare the 2 answers which is more?

Looking for something else?

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