The formula for determining interest compounded monthly is A = P(1 + r over 12)12t, where A represents the amount invested after t years, P the principal invested, and r the interest rate. Jimmy invests $1,000 at an interest rate of 10% for 3 years, while Jenny invests $1,000 at an interest rate of 5% for 6 years.

Part 1: Determine the amount of return gained by Jimmy and Jenny. (3 points)

Part 2: Summarize your results from Part 1, including how you arrived at your answer. (3 points)

Question

The formula for determining interest compounded monthly is A = P(1 + r over 12)12t, where A represents the amount invested after t years, P the principal invested, and r the interest rate. Jimmy invests $1,000 at an interest rate of 10% for 3 years, while Jenny invests $1,000 at an interest rate of 5% for 6 years. 

Part 1: Determine the amount of return gained by Jimmy and Jenny. (3 points) 

Part 2: Summarize your results from Part 1, including how you arrived at your answer. (3 points)