Question

Asked Dec 2, 2019

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4)Jonathan invests $8,980 in a bank. The bank pays 5.8% interest compounded quarterly

a)How long must he leave the money in the bank for it to double? Round to nearest tenth of a year. Show your work.

b)How long will it take to triple? Round to nearest tenth of a year. Show your work.

c)If Jonathan is given the choice to invest his money at 5.8% interest compounded quarterly for 5 years or invest his money compounding annually at a rate of 5.85% for 5 years, which option would be best for Jonathan? Explain and show your work.

Step 1

(a)

Obtain the time taken to become the amount double as follows.

The time taken to become the amount double is given by *A* = 2*P*.

Step 2

(b)

Obtain the time taken to become the amount triple as follows.

The time taken to bec...

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