If a woman making $28,000 a year receives a cost-of-living increase of 2.1%, how much is her raise?
2 answers:
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Answer:
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Answer:
Account B
Value=$21,589.66
Step-by-step explanation:
#We determine the compounded amount after 10 years for each account using the formula:
#For account A:
Given principal is $16,000, i=3% and n=10, m=4:
#For account B:
Given principal is $16,000, i=3% and n=10, m=12:
We compare the amounts after 10 years and get the difference:
Hence, account B has the most value after 10 years and has a value of $21,589.66