Mathematics: Harrison and Sherrie are making decisions about their bank accounts. Harrison wants to deposit $200 as the principle amount, with an interest of 2% compounded quarterly. Sherrie wants to deposit $200 as the principle amount, with an interest of 4% compounded monthly. Explain which method results in more money after 2 years. Sherrie s method results in more money as hers is monthly compared to every four months but I m not sure how to format the equations to get an exact number for each method.

Harrison and Sherrie are making decisions about their

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marquion

23.02.2021

2% compounded quarterly is .5% each quarter (2% ÷ 4)
So the principal (200) is multiplied by 1.005 ⁸ (8 because there are 8 quarters in 2 years)

200 x 1.005 ⁸ = $208.14 in 2 years (rounded to the nearest penny)

4% over 12 months is 1/3% every month or .003333
200 x 1.00333²⁴ (24th power since there are 24 months in 2 years) $216.61 in 2 years rounded to the nearest penny.
The monthly scenario is better.

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orangeicecream

26.05.2023

Mathematics

$a = \frac{1}{2} (5h + 3)h \\ = \frac{1}{2} (5 \times 6 + 3)6 \\ = \frac{1}{2} (33 \times 6) \\ = \frac{1}{2} \times 198 \\ a= 99$

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