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August 23, 2014

Homework Help: Maths

Posted by Ana on Tuesday, April 20, 2010 at 5:02am.

Get Rich Quick Investments LTD offers 2 investment schemes.
Scheme 1: Earn 6.5% interest per year, compounded monthly.
Scheme 2: Earn 6.45% interest per year, compounded daily.
An investor reasons that Scheme 2 should be the best because its interest rate is very close to 6.5%, but the compounding occurs daily. Using each scheme, compare how long it would take to double your investment, and hence determine whether the investor is correct.

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