# contemporary math

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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?

• contemporary math -

http://www.jiskha.com/display.cgi?id=1372386463

• contemporary math -

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

• contemporary math -

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

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