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anonymous
 one year ago
kale and merricat are making decisions about their bank accounts. kale wants to deposit $200 as a principle amount, with an interest of 2% compounded quarterly. mericat wants to deposit $200 as the principle amount, with an interest of 4% compounded monthly.
anonymous
 one year ago
kale and merricat are making decisions about their bank accounts. kale wants to deposit $200 as a principle amount, with an interest of 2% compounded quarterly. mericat wants to deposit $200 as the principle amount, with an interest of 4% compounded monthly.

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@ganeshie8 Please help me!

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2what do you have so far?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Nothing :( Well, I have a formula?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2which formula do you have

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2that formula will be used here

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2`Harrison wants to deposit $200 as a principle amount, with an interest of 2% compounded quarterly` P = 200 is the principal r = 0.02 is the interest rate in decimal form (2% = 2/100 = 0.02) n = 4 is the number of times you compound the money per year (quarterly = 4 times) t = 2 years

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0ok so then we would just plug it in right? n=200(1+0.02/4)^(2)(4) right?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2then compute it with a calculator

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2I'm getting something slightly higher

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Really? Maybe I typed it in wrong

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0oh okay I got 408.0602! Sorry :)

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2did you type in `200*(1+0.02/4)^(4*2)` ?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I got 208.141409 when I did that

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2I got that too

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2208.141409 rounds to 208.14

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Ok :) What do we do next?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2now we move onto the next part `Sherrie wants to deposit $200 as the principle amount, with an interest of 4% compounded monthly.` what are P, r, n and t?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0p=200 r=0.04 t=12? bcuz 12 months in a year

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2oh wait, no n = 12 and t = 2 since the time frame is 2 years

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2I forgot to post that `Explain which method results in more money after 2 years.` so each person has their money in for t = 2 years

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Hahaha it's fine:) I get it now

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0do we plug those value in the same formula?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2yes you'll plug in P = 200, r = 0.04, n = 12 and t = 2

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2I'm getting the same thing

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0So the answer would be Sherrie?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2Harrison will have 208.14 Sherrie will have 216.63

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2yep she has more money

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Thankyou so much!!!!
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