+234 Person A deposits $2700 in an account that pays 3% interest compounded once a year. Person B deposits $2300 in an account that pays 4% interest compounded monthly.
a. Who will have more in their after one year? how much more?
Round to the nearest dollar as needed
b.Who will have more in their after five year?how much more?
Round to the nearest dollar as needed
c. Who will have more in their after 20 year?how much more?
Round to the nearest dollar as needed
+118667 Firstly neither are written properly Person A gets 3% per annum (yearly) and Person B gets 4% per annum (yearly)
BOTH STATED interest rates are per annum.
A will have 2700*(1.03)^n where n is in years
B will have 2300*(1+0.04/12)^m where m is in months
Now you can work them out
