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lisabon 2012 [21]
3 years ago
11

Kelsey has $5000 to invest and she is trying to decide between two banks. The second national bank is paying 3.5% interest compo

unded continuously. The third national bank is paying 3.8% interest compounded monthly. Find the amounts possible after 7 years at each bank. Which bank should Kelsey choose and why?
Mathematics
2 answers:
Nina [5.8K]3 years ago
5 0

Answer:

Monthly Compounding

Total = principal * (1 + rate / 12) ^ years * 12

Total = 5,000 * (1 + (.038/12) )^84

Total = 5,000 * 1.30418682

Total = 6,520.93

Continuous Compounding

Total = principal * e ^ (rate * years)

Total = 5,000 * 2.718281828459 ^ (.035 * 7)

Total = 5,000 * 2.718281828459  ^ (0.245 )

Total = 5,000 * 1.2776213132

Total =  6,388.11

So, Kelsey should choose the monthly compounding bank.

Step-by-step explanation:

jeyben [28]3 years ago
3 0

Answer: 851.44

Step-by-step explanation: try to do the math

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5 0
3 years ago
What is the solution to this system of linear equations?
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I got (1,2).

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2 years ago
Carl deposited $5,142 into a savings account 20 years ago. The account has an interest rate of 3.8% and the balance is currently
Aleksandr [31]
Here is the formula you'll need
Total = Principal * (1 + (rate/n))^n*years
I don't know how to solve that for "n" so we'll use trial and error.

If compounded annually, total = <span> <span> <span> 10,841.24 </span> </span> </span>
If compounded quarterly, total = <span> <span> <span> 10,955.64 </span>
</span></span><span>If compounded monthly, total = </span> <span> <span> <span> 10,981.82 </span> </span> </span>
If compounded daily, total = <span> <span> <span> 10,994.58 </span> </span> </span>
Therefore the answer is "A", daily.

Source:
http://www.1728.org/compint3.htm


<span> </span><span><span> </span> </span>

3 0
3 years ago
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