Answer:
2.56% compounded annually for 4 years will earn her the most money.
Step-by-step explanation:
Amount at Compound Interest, A=P(1+r)ⁿ
The amount for each investment plan is calculated and comparison is done.
4.5% compounded annually for 2 years.
A=18000(1+0.45)²=18000(1.45)²=$37845
2.56% compounded annually for 4 years
A=18000(1+0.256)⁴=18000(1.256)⁴=$44795.16
3.65% compounded annually for 2 years.
A=18000(1+0.365)²=18000(1.365)²=$33538.05
3.48% compounded annually for 3 years.
A=18000(1+0.348)³=18000(1.348)³=$44090.21
Answer:
Hey, the answer is 3.48% for 3 years
Step-by-step explanation:Use the formula.
A=p(1+r)^t Plug the numbers in
P=18,000
R=3.48% but you need to convert it to a decimal which equals to 0.0348
T=3 years
