Asked Dec 26, 2019

Heather wants to invest $35,000 of her retirement. She can invest at 4.8% simple interest for 20 yr, or she can choose an option with 3.6% interest compounded continuously for 20 yr. Which option results in more total interest?


Expert Answer

Step 1

Given values are P = 35,000, r = 4.8% = 0.048 and t = 20.

Obtain the interest.

Algebra homework question answer, step 1, image 1
Step 2

Values are P = 35,000, r = 3.6% = 0.036 and t = 20.


Algebra homework question answer, step 2, image 1

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