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.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
