A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing


  • one year ago

Beau and Shaleah each get a $1000 bonus at work and decide to invest it. Beau putshis money into an account that earns an annual interest rate of 6.5%, compounded yearly. He also decided to deposit $1200 each year. Shaleah finds an account that earns 6.5%, compounded monthly,and decides to deposit $100 each month. Compare the amounts of money that Beau and Shaleah deposit each year. Describe any differencesor similarities. Compare the balances of Beau's and Shaleah's accounts over several years. Describe any differences or similarities

  • This Question is Open
  1. zpupster
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    \[A=P(1+\frac{ r }{ n})^{nt}\] this is the compound-interest formula: "A" is the ending amount "P" is the beginning amount (or "principal"), "r" is the interest rate (expressed as a decimal) "n" is the number of compoundings a year "t" is the total number of years. also If interest is compounded yearly, then n = 1 if semi-annually, then n = 2 quarterly, then n = 4 monthly, then n = 12 weekly, then n = 52; daily, then n = 365;

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

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

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...


  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • 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.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.