Question

Jane and Sammie are making decisions about their bank accounts. Jane wants to deposit

Answer 1

Answer:

Sammie

Step-by-step explanation:

Jane

First, convert R as a percent to r as a decimal

r = R/100

r = 5/100

r = 0.05 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 550.00(1 + 0.05/4)(4)(10)

A = 550.00(1 + 0.0125)(40)

A = $903.99

Sammie

First, convert R as a percent to r as a decimal

r = R/100

r = 7/100

r = 0.07 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 550.00(1 + 0.07/12)(12)(10)

A = 550.00(1 + 0.005833333)(120)

A = $1,105.31