I will give medal! Please help!
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 $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.

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

I will give medal! Please help!
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 $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. 

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)

lexipoo1998 · Answer

@hartnn @ash2326 @e.mccormick do any of you guys think you can walk me through how to do and answer this?
Thanks

e.mccormick · Answer

OK, so you have this formula, but with n=12.

e.mccormick · Answer

They give you the other things you need to replace.  When you do that, what is left to solve for?

lexipoo1998 · Answer

wait.. what? cant you just plug it in for each thing and solve? like for jimmy 
2000(1=.1/12)^(12*4)?

e.mccormick · Answer

Wheeee.... had some lag here on my end.

That is what I was saying.  It is a plug it in and solve question.

e.mccormick · Answer

Now, the one thing is that the return gained ia not A.  It is A-P because A is the new total in the account, where as A-P is the new total minus the original total, so you see only the gain.