Find the number that makes the ratio equivalent to 10:6.
2 answers:
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Answer:
$1080
Step-by-step explanation:
convert % to decimal by multiplying 3.2%x100=0.032
then multiply by initial amount 3000x0.032
then multiply by 2 because it's compounding semiannual
then multiply by 3 because it's over a 3 yr period
do the same for the quarterly compound but multiply by 4 because it's quarterly
over a 3 yr period the quarterly compounded amount will earn:
$504 more than the account compounded semiannual