Answer:
$5564.87
Step-by-step explanation:
We are to determine the difference between the future values of each investment
The formula for calculating future value:
FV = P (1 + r)^mn
FV = Future value
P = Present value
R = interest rate
N = number of years
m = number of compounding
Madeline
P = Present value = 51,000
R = interest rate = 0.06125 / 365 = 0.000168
N = number of years = 13
m = number of compounding = 365
51,000 x (1.000168)^4745 = 113,070.20
Harper
51,000 x (1.004792)^156 = 107,505.33
Difference = 113,070.20 - 107,505.33 = $5,564.87
Answer:
567 Miles
Step-by-step explanation:
So here are the answers for the given questions above:
1. Based on the given values above, the correct answer would be option B. NEITHER ARITHMETIC NOR GEOMETRIC. Why? When we say arithmetic sequence, the values should have a common difference which remains constant all throughout the sequence, and this sequence does not qualify. On the other hand, a geometric sequence should have a common ratio, and these numbers do not have one.
2. The correct answer for this problem would be option C. <span>121,520.
Based on the given values above, the values have a common ratio of 1.1. So what we are going to do is just to multiply 1.1 each time and by 2016, we will get </span>121,520.
Hope these answers help.
Answer:150
Step-by-step explanation:
