A certificate of deposit is worth P(1 + r)^2 dollars after years, where r is...
90.2K
Verified Solution
Link Copied!
Question
Basic Math
A certificate of deposit is worth P(1 + r)^2 dollars after years, where r is the annual interest rate expressed as a decimal, and P is the amount initially deposited. Which investment will be worth more?Investment A, in which P = $7200, r= 4%, and t = 5 years or investment B, in which P = $6100, r = 6%, and t = 7 years.Round your answers to two decimal places.The value of the certificate for investment A will be ,and the value for investment B will be
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
