Question

Asked Nov 17, 2019

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29. Comparing Investments Russ, who is self-employed, wants to invest $60,000 in

a pension plan. One investment offers 3% compounded quarterly. Another offers

2.75% compounded continuously.

(a) Which investment will earn more interest in 5 yr?

(b) How much more will the better plan earn?

Step 1

For investment offers 3% compounded quarterly, let A1 be the future value of investment including interest. Then , we have

Step 2

By, substituting P=$60000, r=0.03, n=4, t=5, we have

Step 3

For investment offers 2.75% compounded continuously, let A2 be the f...

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