he annual interest on a $9000 investment exceeds the interest earned on a $1000 investment by $534. The $9000 is invested at a 0
2 answers:
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Answer:
Cindy has more amount than Jimmy.
Explanation:
Amount invested by Cindy P = $3000
Annual rate of interest = 8%
As the amount is compounded semiannually
So rate of interest %
Time = 20 year
So time period n = 20×2 = 40
So amount own by Cindy
$
Amount deposit by jimmy P = $3000
Annual rate of interest = 7.75 %
As the amount is compounded monthly
So rate of interest %
Time period = 20×12 = 240
So amount own by Jimmy
$
From the calculation we can see that Cindy has more amount than Jimmy.