William invested $2,300 in an account paying an interest rate of 2 1/8% compounded quarterly. Nolan invested $2,300 in an accoun

Question

2 years ago

13

William invested $2,300 in an account paying an interest rate of 2 1/8% compounded quarterly. Nolan invested $2,300 in an accoun

t paying an interest rate of 2 3/4% compounded monthly. After 20 years, how much more money would Nolan have in his account than William, to the nearest dollar?

Mathematics

2 answers:

Leona [35] · Answer 1 · 2022-05-05T11:52:53+03:00

Leona [35]2 years ago

8 0

Answer:

470

Step-by-step explanation:

I got it wrong from the dummy above me

shusha [124] · Answer 2 · 2022-05-05T09:41:47+03:00

Answer:

$478

Step-by-step explanation:

After 20 years, William will have a total of $3,513.94

After 20 years, Nolan will have a total of $3,991.93

Difference = $478

William:

2300[1 + (.02125 ÷ 4)]^4 · 20

2300 · (1 + .0053125)^80

2300(1.5278)

$3,513.94

Nolan:

2300[1 + (.0275 ÷ 12)]^12 · 20

2300 · (1 + .0023)^240

2300(1.7356)

$3,991.93