Over 2 years, how much more does $2000 in a savings account with an APR of 4.2% compounded semiannually earn in interest than th

Question

GREYUIT [131]

3 years ago

13

Over 2 years, how much more does $2000 in a savings account with an APR of 4.2% compounded semiannually earn in interest than th

e same amount in a savings account with an APR of 3.6% compounded monthly? A. $24.29 B. $12.15 C. $6.07 D. $48.58

Mathematics

2 answers:

Reptile [31] · Answer 1 · 2022-09-13T15:16:55+03:00

Reptile [31]3 years ago

7 0

Below is the solution:

<span>A = 2000[1 + (.042/2)]^(2*2)
A = 2173.366476962
A = 2173.37
I = 2173.37 - 2000
I = 173.37

A = 2000[1 + (.036/12)]^(12*2)
A = 2149.0790382667085294501721261072
A = 2149.08
I = 2149.08 - 2000
I = 149.08

173.37 - 149.08 = 24.29</span>

-Dominant- [34] · Answer 2 · 2022-09-13T16:20:29+03:00

-Dominant- [34]3 years ago

4 0

Answer:

$24.29 is correct

Step-by-step explanation: