4 is bigger, since it is a positive number.
The dune of two positive numbers is always positive. I hope this helps
The equation for this is:
F = P(1+i)ⁿ
where
F is the present accounts balance
P is the initial deposit
i is the interest rate
n is the number of months
The interest rate is nominal which is 2.9% per year compounded monthly. Since there are 12 months in a year, that is equal to an effective interest rate of 0.24167% per month compounded monthly (i = 0.0024167). In 9 years, there are a total of 108 months, so n=108.
<span>$2033.88 = P(1+0.0024167)</span>¹⁰⁸
P = $1567.147
Answer:
18049/14= 1289 with a remainder of 3
