Question

Please help.

Answer 1

Answer:

Jon will have more money than Sara after 1 year . Jon will have 1440.738 dollars excess money than Sara

Step-by-step explanation:

As we know

Amount received after application of compound interest is calculated as

$A = P (1+\frac{r}{n})^{nt}$

For Jon

$A = 4500(1+\frac{7}{4*100})^{4} \\A= 4823.366$

Jon receives $ 4823.366 after one year

For Sara

$A = 3250 (1+\frac{4}{365*100})^{365*1} \\A = 3382.628$

Jon will have more money than Sara after 1 year . Jon will have 1440.738 dollars excess money than Sara