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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.

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  1. itsmichelle29
    • one year ago
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    the formula is A(t)=p(1+ r/n) ^nt

  2. itsmichelle29
    • one year ago
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    i just dont know how to put it in a formula

  3. triciaal
    • one year ago
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    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

  4. triciaal
    • one year ago
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    you have 2 sets to compute; one for Brooklyn and one for Patrick

  5. triciaal
    • one year ago
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    compounded quarterly means 4 times per year n= 4 compounded monthly means 12 times per year n = 12

  6. itsmichelle29
    • one year ago
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    okay thanks

  7. triciaal
    • one year ago
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    read the end of the question

  8. itsmichelle29
    • one year ago
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    ohhh okay okay sorry

  9. triciaal
    • one year ago
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    |dw:1437511672095:dw|

  10. triciaal
    • one year ago
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    the answer is the amount at the end of 2 years compare the 2 answers which is more?

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