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 $1,000 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.

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

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 $1,000 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.

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