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August 1, 2014

Homework Help: math

Posted by HG on Thursday, October 22, 2009 at 1:41pm.

Jim wants to deposit money in an account to save for a new stereo system in two years. He wants to have $4,000 available at the time. The following rates are available to him:
6.2% simple interest
6.1% compounded annually
5.58% compounded semiannually
5.75% compounded quarterly

Which account(s) should he choose if he wants to invest the smallest amount of money now? I was thinking the 5.57% compunded quarterly or 5.58% compounded semiannually

How much money must he invest to accumulate $4,000 in two years'time?

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