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DaniilM [7]
3 years ago
10

Two brothers Steven and Walter each inherit 41000. Steven invests his inheritance in a savings account with an annual return of

2.7% while Walter invests his inheritance in a cd paying 6.4% annually. How much more money than Steven does Walter have after 1 year
Mathematics
1 answer:
umka2103 [35]3 years ago
6 0

Answer:

Walter earns $1,517 more than Stevens in one year.

Step-by-step explanation:

Giving the following information:

Two brothers Steven and Walter each inherit $41,000

Steven:

Annual return= 2.7%

Walter:

Annual return= 6.4%

<u>To determine the future value for the brothers, we need to use the following formula:</u>

FV= PV*(1+i)^n

Steven:

FV= 41,000*1.027= $42,107

Walter:

FV= 41,000*1.064= $43,624

Difference= 43,624 - 42,107= $1,517

Walter earns $1,517 more than Stevens in one year.

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