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Mariann6362
29.06.2019 •
Mathematics
Over 2 years, how much more does $2000 in a savings account with an aprof 4.6% compounded semiannually earn in interest than the same amount ina savings account with an apr of 4.4% compounded quarterly?
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Ответ:
Final answer is $7.52.
Step-by-step explanation:
Given that initial amount P = $2000
Interest rate r = 4.6% = 0.046
Number of compounding periods per year = n = 2 {semiannually}
Time = 2 years
Then future value is given by :
Similarly calculate future value for 2nd case:
Given that initial amount P = $2000
Interest rate r = 4.4% = 0.044
Number of compounding periods per year = n = 4 {quarterly}
Time = 2 years
Then future value is given by :
then difference = 2190.45 - 2182.93 = 7.52
Hence final answer is $7.52.
Ответ:
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