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witchhunt666
23.10.2020 •
Mathematics
Chaim has won $5,000 and wants to save it towards buying a house in six years when he finishes his law degree. He has the choice between an account which compounds daily (so n=365) with an APR of 7% and another which also has a 7% APR but compounds quarterly (so n=4). How much more interest will he earn if he chooses the first account? Chaim will earn $ more by choosing the first account. (Enter an answer rounded to two decimal places.)
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Ответ:
Chaim will earn $3.21 more by choosing the first account.
Step-by-step explanation:
We find the Future value of the accounts
Future value formula = Present value × (1 + r/n)ⁿ
Where r = rate
n = compounding frequency
For Account 1
Compounds daily (so n=365) with an APR of 7%
Future value
= 5000 × (1 + 0.07/365)³⁶⁵
= 5000 × (1 + 0.0001917808)³⁶⁵
= $5362.504873
Interest = Future value - Present value = $(5362.504873 - 5000)
= $362.504873
Account 2
7% APR but compounds quarterly (so n=4).
Future value = 5000 × (1 + 0.07/4)⁴
= 5000 × (1 + 0.0175)⁴
= $5359.2951564
Interest = Future value - Present value
= $(5359.2951564 - 5000)
= $359.2951564
How much more interest will he earn if he chooses the first account?
Interest (first account) - Interest (second account)
= $362.504873 - $359.2951564
= $3.2097166
Approximately to 2 decimal places
= $3.21
Chaim will earn $3.21 more by choosing the first account.
Ответ:
B. 7(2x^2 + 5x)
Step-by-step explanation:
Took the PLATO test just now.