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algebra

Four different accounts are described below. Order the accounts according to their values after 20 years, from greatest to least.
1.You deposit 1500$ in an account that earns 5% annual interest compounded quarterly.
2. You deposit 1500$ in an account that earns 6% annual interest compounded monthly
3. You deposit 1400$ in an account that earns 9% annual interest compounded daily
4. You deposit 1000$ in an account that earns 10% annual interest compounded monthly

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audrey

  1. I'll do the 2nd, you do the others.

    2.
    i = .06/12 = .005
    n = 20*12 = 240

    amount = 1000(1 + .005)^240
    = 1000(1.005)^240
    = 1000(3.310204...)
    = $ 3310.20

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    Reiny

  2. 1. v = 1500 [1 + (.05 / 4)]^(20 * 4)

    2. v = 1500 [1 + (.06 / 12)]^(20 * 12)

    3. v = 1400 [1 + (.09 / 365)]^(20 * 365)

    4. v = 1000 [1 + (.10 / 12)]^(20 * 12)

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    R_scott

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