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@ganeshie8 Please help me!
what do you have so far?
Nothing :( Well, I have a formula?
which formula do you have
I could be wrong
that formula will be used here
`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
ok so then we would just plug it in right? n=200(1+0.02/4)^(2)(4) right?
then compute it with a calculator
I got 204.0401
I'm getting something slightly higher
Really? Maybe I typed it in wrong
oh okay I got 408.0602! Sorry :)
did you type in `200*(1+0.02/4)^(4*2)` ?
I got 208.141409 when I did that
I got that too
208.141409 rounds to 208.14
Ok :) What do we do next?
now 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?
p=200 r=0.04 t=12? bcuz 12 months in a year
oh wait, no n = 12 and t = 2 since the time frame is 2 years
oh sorry :)
I 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
Hahaha it's fine:) I get it now
do we plug those value in the same formula?
yes you'll plug in P = 200, r = 0.04, n = 12 and t = 2
K hold on please
I'm getting the same thing
So the answer would be Sherrie?
Harrison will have 208.14 Sherrie will have 216.63
yep she has more money
Thank-you so much!!!!