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Consider the two savings plans below. Compare the balances in each plan after 77 years. Which person deposited more money in the​ plan? Which of the two investment strategies is​ better? Yolanda deposits ​$600 per month in an account with an APR of 44​%, while Zach deposits ​$7200 at the end of each year in an account with an APR of 44​%. The balance in​ Yolanda's saving plan after 77 years was ​$

 

 

​(Round the final answer to the nearest cent as needed. Round all intermediate values to seven decimal places as​ needed.)

Guest Oct 25, 2017
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 #1
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Use the same formula that I used in the first question after 88 years.

Your Interest rate should be 4.4% APR and NOT 44% !!!!.

Yolanda's Account:

FV =$4,651,166.97 - Balance of Yolanda's account after 77 years.

 

Zach's Account:

FV =$4,342,644.09 - Balance of Zach's account after 77 years. 

Guest Oct 25, 2017
 #2
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It's actually 4% so what would be the answer? 

Guest Oct 26, 2017
 #3
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Just try to imagine how much money Yolanda and Zach would have if the APR was 44%... cheeky

Mathhemathh  Oct 26, 2017

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