Help buissness help help help
2 answers:
You might be interested in
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
Cindy has more amount than Jimmy.
Explanation:
Amount invested by Cindy P = $3000
Annual rate of interest = 8%
As the amount is compounded semiannually
So rate of interest %
Time = 20 year
So time period n = 20×2 = 40
So amount own by Cindy
$
Amount deposit by jimmy P = $3000
Annual rate of interest = 7.75 %
As the amount is compounded monthly
So rate of interest %
Time period = 20×12 = 240
So amount own by Jimmy
$
From the calculation we can see that Cindy has more amount than Jimmy.