math check my answer thanks
posted by Christy .
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 ?

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
I made no assumptions about compounding. 
thank you Bob, I am sure you are correct but I will check just so I can understand it for next time. Thanks
Respond to this Question
Similar Questions

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? 
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? 
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? 
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? 
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? 
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? 
Finance
. (TCO 3) Mark deposited $1,000 today, in an account that pays eight percent interest, compounded semiannually. Which one of the following statements is correct concerning this investment? 
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? 
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? 
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