Friday
July 31, 2015

Homework Help: math

Posted by Jessie on Wednesday, July 15, 2009 at 5:27pm.

The Investment Problem. Suppose that Rod invests $1,000 at 6% compounded daily and Sheila invests $1,000 at 7% (per year) simple interest. In how many years will Rod’s investment be worth more than Sheila’s investment? Complete the following table to answer your question (the amounts for the first 2 years are given; you may not have to do all 10 years):
Year 6% compounded daily 7% simple
1 $1,061.83 $1,070.00
2 $1,127.49 $1,140.00
3
4
5
6
7
8
9
10

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