radomes.openskiesproject.org
BeccaCarter BeccaCarter
  • 03-02-2017
  • Mathematics
Answered

suppose you are given $800 to invest. in one sentence, state which type of interest-10% simple interest or 9.5% interest compounded monthly- offers the best investment for a 5 year term. give a reason for your answer and provide accurate calculations to support your reasoning.

Verified Answer :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 03-02-2017


Simple: 800( 1 + 0.10*5) = 800(1.5) = $1200

Compound: 800(1+0.095/12)^(12*5) = $1284

Compounding at 9.5% will give you the better investment.

Answer Link

Related Questions

Can you show me how to do Thisss
Read the excerpt from The Crab That Played with theSeaHe went North Best Beloved and he found AlltheElephanttherewas digging with his tusks andstamping with his
What are the two stages of photosynthesis
What time what equals 50
find two numbers whose ratio is 37 and whose sum is 150
How many cm in 1 and a quarter metres
Which of the following Congressional acts established the Federal Reserve as the lender of last resort for the US banking systemSelect onea Federal Reserve Act
Skeletal muscle work when a person breaths heavy
Which expression represents the area of the triangle A pr B 12 pr C p r D pr to the second power
Explain ways trees assist in keeping high water quality