contestada

Melanie invested $3,800 in an account paying an interest rate of 2 % compounded
quarterly. Sebastian invested $3,800 in an account paying an interest rate of 2%
compounded monthly. After 6 years, how much more money would Sebastian have in
his account than Melanie, to the nearest dollar?

Respuesta :

madethisfortwitch1

Answer:

.85

Step-by-step explanation:

Compound interest formula

[tex]PV(1+\frac{i}{n})^{nt}[/tex]

Melanie:

[tex]3800(1+\frac{.02}{4})^{(6*4)\\}\\=3800(1+.005)^{24}\\3800*1.1272=4283.21[/tex]

Sebastian:

[tex]3800(1+\frac{.02}{12})^{12*6}\\3800(1.0017)^{72}\\3800*1.1274=4284.06[/tex]

4824.06-4283.21= .85

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