Rosa invests $3000 in an account with an APR of 4% and annual compounding. Julian invests $2500 in an account with an APR for 5% an annual compounding a) Create a table in Excel with the first column years and the second column Rosas account and the third column Julian’s account. Carry out the table for at least 20 years b) Use the table to determine the balance on each account after 5 years and 20 years c) Determine, for each account at 5 and 20 years, the amount of the balance that is interest? d) After how many years will Julian have more money than Rosa
Rosa invests $3000 in an account with an APR of 4% and annual compounding. Julian invests $2500 in an account with an APR for 5% an annual compounding a) Create a table in Excel with the first column years and the second column Rosas account and the third column Julian’s account. Carry out the table for at least 20 years b) Use the table to determine the balance on each account after 5 years and 20 years c) Determine, for each account at 5 and 20 years, the amount of the balance that is interest? d) After how many years will Julian have more money than Rosa
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section10.3: Geometric Sequences
Problem 81E
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4.
Rosa invests $3000 in an account with an APR of 4% and annual compounding.
Julian invests $2500 in an account with an APR for 5% an annual compounding
a) Create a table in Excel with the first column years and the second column
Rosas account and the third column Julian’s account. Carry out the table
for at least 20 years
b) Use the table to determine the balance on each account after 5 years and
20 years
c) Determine, for each account at 5 and 20 years, the amount of the balance
that is interest?
d) After how many years will Julian have more money than Rosa
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