The formula for determining interest compounded monthly is A = P(1 +r/12 )12t, where A represents the amount invested after t years, P the principal invested, and r the interest rate. Jimmy invests $2,000 at an interest rate of 10% for 4 years, while Jenny invests $2,000 at an interest rate of 5% for 8 years. Determine the amount of return gained by Jimmy and Jenny. In complete sentences, summarize your results.

Question

anonymous · Answer

Solve for one person first and plug in the numbers lol.
Then plug in the numbers for the other person.

10%=r=0.1
5%=r=0.05

anonymous · Answer

thanks!

anonymous · Answer

it helps when u put it like htat