Question

WILL FAN AND MEDAL
With a principal investment of $25,000, which account will have the greatest value after 6 1/2 years?

Answer 1

With a principal investment of $25,000, which account will have the greatest value after years?

simple interest: I = P • r • t
interest compounded annually is A = P (1 + r)t
interest compounded quarterly: A = P (1 + r/4 )4t

Answer 2

A.
2.6% with interest compounded quarterly

B.
3.2% in a simple interest account

C.
2.9% with interest compounded annually

D.
2.3% in a simple interest account

Answer 3

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