i medal and fan
Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300 as a principle amount, with an interest of 3% compounded quarterly. Brooklyn wants to deposit $300 as the principle amount, with an interest of 5% compounded monthly. Explain which method results in more money after 2 years. Show all work.

Question

i medal and fan
Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300 as a principle amount, with an interest of 3% compounded quarterly. Brooklyn wants to deposit $300 as the principle amount, with an interest of 5% compounded monthly. Explain which method results in more money after 2 years. Show all work.

itsmichelle29 · Answer

the formula is A(t)=p(1+ r/n) ^nt

itsmichelle29 · Answer

i just dont know how to put it in a formula

triciaal · Answer

the amount A after time t in years  = initial amount to invest p( 1 +  r is the rate of interest/number of times to get interest for the year) raised to the power

triciaal · Answer

you have 2 sets to compute;  one for Brooklyn and one for Patrick

triciaal · Answer

compounded quarterly means 4 times per year  n= 4
compounded monthly means 12 times per year   n = 12

itsmichelle29 · Answer

okay thanks

triciaal · Answer

read the end of the question

itsmichelle29 · Answer

ohhh okay okay sorry

triciaal · Answer

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