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October 23, 2014

October 23, 2014

Posted by **Dee** on Tuesday, April 24, 2012 at 1:13pm.

- Math -
**Henry**, Thursday, April 26, 2012 at 5:06pmKevin's Account:

Pt = Po + Po*r*t.

Pt = 4000 + 4000*0.05*5 = $5000.

Jill's Account:

Pt = Po(1+r)^n.

r = 5%/100% = 0.05 = APR expressed as a decimal.

n = 1comp/yr * 5yrs = 5 Compounding

periods.

Pt = 4000(1.05)^5 = $5105.13.

Diff. = 5105.13 - 5000 = $105.13.

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