How much more would you earn in the first investment than in the second investment? $51,000 invested for 50 years at 12% compounded annually $51,000 invested for 50 years at 6% compounded monthly i Click the icon to view some finance formulas.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.8: Transforming Exponential Expressions
Problem 3PPS
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Question
How much more would you earn in the first investment than in the second investment?
$51,000 invested for 50 years at 12% compounded annually
$51,000 invested for 50 years at 6% compounded monthly
A Click the icon to view some finance formulas.
You would earm $
more on the first investment than in the second investment.
(Round to the nearest dollar as needed.)
Formulas
In the provided formulas, A is the balance in the account after t years, P is the
principal investment, r is the annual interest rate in decimal form, n is the number
of compounding periods per year, and Y is the investment's effective annual yield
in decimal form.
A=P" Y-(1"-1
A
P=
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Transcribed Image Text:How much more would you earn in the first investment than in the second investment? $51,000 invested for 50 years at 12% compounded annually $51,000 invested for 50 years at 6% compounded monthly A Click the icon to view some finance formulas. You would earm $ more on the first investment than in the second investment. (Round to the nearest dollar as needed.) Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. A=P" Y-(1"-1 A P= Print Done MacBook Air ộ F2, 20 F3 esc F1 F4 F5 2$ % 1 2 6. Q W E R. T Y. tab A S F caps lock C V ft # 3
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$13722378 more on the first investment than the second investment

 

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