Child Performance of Investments Over the Course of the Competition Michelle $2000 earned 3.5% annual interest compounded monthly $1000 grew, compounded continuously at rate of 1.8% annually Kristen $2500 earned 1.2% annual interest compounded quarterly $500 increase in value at a rate of 2.25% compounded quarterly Gabriella $3000 grew, compounded continuously at rate of 3.2% annually Judy $1050 earned exponentially at a rate of 1.5% annually $1950 earned 2.8% annual interest compounded biannually (twice a year)

Trigonometry (MindTap Course List)
10th Edition
ISBN:9781337278461
Author:Ron Larson
Publisher:Ron Larson
Chapter5: Exponential And Logarithmic Functions
Section5.5: Exponential And Logarithmic Models
Problem 11E
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Mrs Galicia gave her sisters $3000 each to invest. Each investment will last 8 years. The table shows linked shows what each sister did with their investment and how it changed over 8 years. Please use the chart to answer the following questions 

1. What is the balance of Michelle's $3000 after 8 years?

2. What is the balance of Kristen's $3000 after 8 years?

3. What is the balance of Gabriella's $3000 after 8 years?

4. What is the balance of Judy's $3000 after 8 years?

5. Who has the most money at the end of the 8 years?

Child
Performance of Investments Over the Course of the Competition
Michelle
$2000 earned 3.5% annual interest compounded monthly
$1000 grew, compounded continuously at rate of 1.8% annually
Kristen
$2500 earned 1.2% annual interest compounded quarterly
$500 increase in value at a rate of 2.25% compounded quarterly
Gabriella
$3000 grew, compounded continuously at rate of 3.2% annually
Judy
$1050 earned exponentially at a rate of 1.5% annually
$1950 earned 2.8% annual interest compounded biannually (twice a year)
Transcribed Image Text:Child Performance of Investments Over the Course of the Competition Michelle $2000 earned 3.5% annual interest compounded monthly $1000 grew, compounded continuously at rate of 1.8% annually Kristen $2500 earned 1.2% annual interest compounded quarterly $500 increase in value at a rate of 2.25% compounded quarterly Gabriella $3000 grew, compounded continuously at rate of 3.2% annually Judy $1050 earned exponentially at a rate of 1.5% annually $1950 earned 2.8% annual interest compounded biannually (twice a year)
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