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April 19, 2014

April 19, 2014

Posted by **Phoebe** on Thursday, June 20, 2013 at 5:07pm.

19. Comparing Investments Russ McClelland, who is self-employed, wants to invest $60,000 in a pension plan. One investment offers 7% compounded quarterly. Another offers 6.75% compounded continuously.

(a) Which investment will earn more interest in 5 yr?

(b) How much more will the better plan earn?

- College Algebra -
**Reiny**, Thursday, June 20, 2013 at 5:25pma) first offer

amount = 60000(1 + .07/4)^20 = 84886.69

second offer:

amount = 60000 e^(.0675(5)) = 84086.38

b) subtract the two amounts

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