Monday
April 21, 2014

Homework Help: Algebra

Posted by Cassie on Thursday, April 2, 2009 at 7:19pm.

Greta invests $10,000 in an investment that pays 3% interest, compounded annually, for the first three years, then 9% interest, compounded annually, for the last three years. Rui invests $10,000 in an investment that pays r% for all six years. The two investments are worth the same amount after 6 years. Is (r) greater than, equal to, or less than 6?

Here is the standard equation I was taught:

(1 + r/100m)^nm ($k)

r-- interest rate
m--how many times compounded a year
n--number of years
k--dollars invested

How would I figure out this problem, preferably using the equation above?

Thank you!

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

math/ compounded - Scenario: A client comes to you for investment advice on his...
Algebra - Need help with these 2 please-- 19. Nancy invests $100 in one account ...
Algebra - Need help with these 2 please-- 19. Nancy invests $100 in one account ...
math - A client comes to you for investment advice on his $500,000 winnings ...
math - A client comes to you for investment advice on his $500,000 winnings ...
MAAAATTTTHHHHHH - Franco invests some money at 6.9%/a compounded annually and ...
Algebra - I'm really stuck on these 2. Can you please explain the work clearly ...
college algebra - John invests $2500 in an account that pays a rate r compounded...
math - The Investment Problem. Suppose that Rod invests $1,000 at 6% compounded ...
math - Sally invests some money at 65%/a compounded annually. After 5 years . ...

Search
Members