Question

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 $1,500 at an interest rate of 10% for 4 years, while Jenny invests $1,500 at an interest rate of 5% for 6 years. Determine the amount of return gained by Jimmy and Jenny. In complete sentences, summarize your results.

Answer 1

I am horrible with math problems and I cant find anything that explains how to get the answer.

so far I have

Jimmy-1,500(1+(.10/12))^48
1,500(1+.008)^48

Jenny-1,500(1+(.05/12))^12(6)

is this right so far?