math
posted by Jessie .
The Investment Problem. Suppose that Rod invests $1,000 at 6% compounded daily and Sheila invests $1,000 at 7% (per year) simple interest. In how many years will Rod’s investment be worth more than Sheila’s investment? Complete the following table to answer your question (the amounts for the first 2 years are given; you may not have to do all 10 years):
Year 6% compounded daily 7% simple
1 $1,061.83 $1,070.00
2 $1,127.49 $1,140.00
3
4
5
6
7
8
9
10

You didn't give the table. You can't copy and paste; you must type it in.

Here is the table:
Year 6% Compounded daily 7% simple
1 $1,061.83 $1,070.00
2 $1,127.49 $1,140.00
3
4
5
6
7
8
9
10 
For 6% compounded daily, do this.
[(0.06/365)+ 1]^365 = 1.06183 and that x 1000 = $1061.83 for year 1.
For year 2, just take 1061.83*1.06183 = $1127.49.
For year 3, it will be 1127.49 x 1.06183 = ?? etc.
For 7% simple,
For year 1 it is $1,000 x 0.07 = 70.00 and 1,000 + 70.00 = $1070.00
For year 2 it is 1070.00 x 0.07 = 74.90 and 1,070.00 + 70.90 = 1,140.90. etc.
Respond to this Question
Similar Questions

Algebra
Greta invests $10,000 in an investment that pays 3% interest, compounded annually, for the first three years, then 9% interest, compounded annually, for the last three years. Rui invests $10,000 in an investment that pays r% for all … 
math
Tamara invests $30,000 in an account earning 7% interest per year over the next 4 years. How much (simple) interest will her investment earn in total? 
maths
Tamara invests $30,000 in an account earning 7% interest per year over the next 4 years. How much (simple) interest will her investment earn in total? 
S.P
Tamara invests $30,000 in an account earning 7% interest per year over the next 4 years. How much (simple) interest will her investment earn in total? 
MAAAATTTTHHHHHH
Franco invests some money at 6.9%/a compounded annually and David invests some money at 6.9%/a compounded monthly. After 30 years, each investment is worth $25 000. Who made the greater original investment and by how much? 
math
Anny invests $3,000, at 6% interest, compounded monthly for 1 year. Use Table 111 to calculate the compound amount for her investment. 
investing
Lily invests $4,000, at 6% interest, compounded quarterly for 5 years. Calculate the compound interest for her investment by using Table 111. 
business math
Anny invests $3,000, at 6% interest, compounded monthly for 1 year. Use Table 111 to calculate the compound amount for her investment 
Algebra 1
An investment grows according to the exponential equation y = 15,000 · 1.07x, where x is the number of years invested. Which of the following statements is true? 
Algebra
An investment grows according to the exponential equation y = 15,000 · 1.07x, where x is the number of years invested. Which of the following statements is true?