Question

Quinn and Julius inherited $ 50,000.00 each from their grandmother. Quinn invested in a 5 year CD paying 1.6% interest compounded semi annually. Julius deposited his money in a money market account paying 1.05% interest compounded monthly. How much money will Quinn have after 5 years. How much money will Julius have after 5 years.

Answer 1

???????????????? "semiannually" ???????????? yu must meen 2 times a yeer . . . . If em reinvest the "interest" so it kompound..... gie1...1.6% & kompound 2 times a yeer . . . 1.6% become 1.016, but for half yeer it become 1.008 . . .i end/start=(1.008)^10=1.082942308 . . . end$=start*1.082942308=50,000*1.0829423..=54,147.12$ . . . ##### gie2...1.05%, kompount monthlee . . . 1.05%=0.0105, but for monty, gotta yuze 0.0105/12=0.000875 . . . end/start=(1.000875)^60=1.05387837 . . . end=start*1.05387837=50,000*1.05387837=52,693.92$