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.

Question

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.

Expert Answer

Want to see the step-by-step answer?

See Answer

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Answer
*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.
Tagged in

Related Algebra Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: h = 7 + 31t - 16t2 find all the value of t for which the ball's height is 21 feet

A: Given,

Q: Perform the indicated operations and simplify the result. Leave the answer in factored form 21) x212...

A: We have given

Q: Parallel processing is the simultaneous use of more than one computer to run a program. Suppose one ...

A: Note: Hi there! Thanks for the question. As per our honor code we are authorized to solve only one q...

Q: Two numbers when multiplied equals 36.  If one number is x and the           other number is greate...

A: Given informationMultiplication of two number = 36First number =xSecond number =greater than x by 5 ...

Q: Determine the equation in standard form of the parabola that satisfies the given conditions Directri...

A: Given that :

Q: Find m so that x+5 is a factor of 5x3+29x2+mx+20

A: Let f(x)=5x^3 + 29x^2 +mx+20 , if (x+5) is a factor of f(x) then by factor theorem f(-5)=0

Q: The number of bacteria in a culture is increasing according to the law of exponential growth. After ...

A: It is given that the number of bacteria in a culture is increasing according to the law of exponenti...

Q: express using a single log 2loga2 - logb - 2loga2b + 2logb

A: Using power rule and product rule for logarithmic expressions.

Q: The size P of a certain insect population at time t​ (in days) obeys the function Upper P left paren...

A: Given that the size P of a certain insect population at time t​ (in days) obeys the function as belo...