contemporary math
posted by Trish on .
Quinn and Julius inherited $50,000 each from their greatgrandmother’s estate. Quinn invested her money in a 5year CD paying 1.6% interest compounded semiannually. Julius deposited his money in a money market account paying 1.05% compounded monthly. How much total money will Quinn have after 5 years?


Initial amount=$50000 rate=0.016 Number of years=5 Amount after 5 years compounded semiannually= 50000(1+0.016/2)^5*2 =50000(1.08)^10 [ =50000*2.16 =108000 Amount after 5 years compounded semiannually=$108000

Julius deposited his money in a money market account paying 1.05% compounded monthly. How much total money will Juliushave after 5 years?