# math check my answer thanks

posted by .

who had the higher rate of interest someone who earned 400\$ over 2 years on 4000\$ investment or someone who earned 960\$ interest over 4 years on her 6000\$ investment?

If I calculated correctly the person that earned 400\$ over 2 years on a 4000\$ investment. their interest earned was 5%
for the person who earned 960\$ over 4 years on a 6000\$ investment. their interest was 1.5
Am I correct, or what am I doing wrong ?

• math check my answer thanks -

I am not certain how the 960 was paid, so I will assume it was paid at the end.

6960=6000(1+i)^4
which brings i to be 3.78 percent.

check me.

for the other, I get 4.88 percent

• math check my answer thanks -

thank you Bob, I am sure you are correct but I will check just so I can understand it for next time. Thanks

## Similar Questions

1. ### math,correction

Problem #5 Business and finance. Kevin earned \$165 interest for 1 year on an investment of \$1500. At the same rate, what amount of interest would be earned by an investment of \$2500?
2. ### math 117

Kevin earned \$165 interest for 1 year on an investment of \$1500. At the same rate, what amount of interest would be earned by an investment of \$2500?
3. ### math

Marla earned \$400 interest over 2 years on a \$4,000 investment. Jovita earned \$960 interest over 4 years on her \$6000 investment. Who had the higher rate of interest?
4. ### Math

How much less interest is earned at 6% simple interest for 5 years on a \$10,000 investment than a 6% rate compounded daily for 5 years?
5. ### finance

If you invested \$1000 today at a rate of 5% for five years, and periodically you withdrew the interest earned, what type of interest is calculated for during the term of the investment?
6. ### math

marla earned \$400.00 interest over 2 years on a \$4000.00 investment. jovita earned \$960.00 interest over 4 yars on her \$ 6000.00 investment. Who had the higher rate of interest?
7. ### Finance

. (TCO 3) Mark deposited \$1,000 today, in an account that pays eight percent interest, compounded semi-annually. Which one of the following statements is correct concerning this investment?
8. ### arithmetic

An investment of \$2,000 is earning interest at the rate of 6.2% compounded quarterly over 5 years. Approximately how much interest is earned on the investment?
9. ### Algebra( check my answers)

1. Juan deposited \$200 in a savings account earning 3% interest over 2 years. What was the total amount of interest earned after 2 years?
10. ### math

balance on an initial investment of \$1,500 over 25 years at 5% APR. After 10 years about how much interest has the investment earned

More Similar Questions