Math

AlgebraQ&A Library4)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.

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