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Quinn and Julius inherited \$50,000 each from their great-grandmother’s estate. Quinn invested her money in a 5-year 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?

How much total money will Julius have after 5 years?

P = Po(1+r)^n.

Po = 50000

r = (1.6%/2)/100% = 0.008 = Semi-APR.

n = 2comp./yr. * 5yrs = 5yrs = 10 Compounding periods.

Plug the above values into the given Eq and solve for P.

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