Log In Registration

Business

01.10.2020 11:07

300

500

6

Solved by an expert

Calvin deposits $400 in a savings account that accrues 5% interest compounded monthly.

Calvin deposits $400 in a savings account that accrues 5% interest compounded monthly. After c years, Calvin has $658.80. Makayla deposits $300 in a different savings account that accrues 6% interest compounded quarterly. After m years, Makayla has $613.04. What is the approximate difference in the number of years that Calvin and Makayla have their money invested? Makayla invests her money 1 year longer. Makayla invests her money 2 years longer. Calvin invests his money 1 year longer. Calvin invests his money 2 years longer.

Show Answers

myg21

myg21

4,6(3 marks)

About 2.38 years.

Explanation:

$\text{Calvin:}$

$\text{PV = 400}$

$\text{Hence,}$

$\text {rate = 5, number of years = 1}$

------------------------------------------------

$\text{Makayla:}$

$\text{PV = 300}$

$\text{Hence,}$

$\text{rate = 6, number of years = 4}$

------------------------------------------------

$\text{Therefore, it takes about 12 years for Makayla to catch up to Calvin.}$

$\text{The final answer is about 2.38.}$

nculberson6

nculberson6

4,7(69 marks)

23

Explanation:

Popular Questions about the subject: Business

Can someone give me a crimson fennec on rocket luegue i am on xbox i can do...

Can someone give me a crimson fennec on rocket luegue i am on xbox i can do it later...

Business

23.03.2021 05:09

Match these items. Match the items in the left column to the items in the right...

Match these items. Match the items in the left column to the items in the right column. 1. Consumer Price Index (CPI) when the government uses government spending and taxes to affect...

Business

06.06.2023 19:32

Which of the following is included in GDP? A. The sale of Goodyear tires to...

Which of the following is included in GDP? A. The sale of Goodyear tires to General Motors B. The sale of new homes C. The value of social security payments NO BOTS SUBMIT A LINK...

Business

09.04.2022 05:33

The text lists several ways to ensure your online transactions are secure and...

The text lists several ways to ensure your online transactions are secure and to reduce the risk of things going awry as you shop and sell online. However, surveys indicate that many...

Business

14.11.2022 08:00

Discuss any TWO solutions that SSSM can use to deal with the socio-economic...

Discuss any TWO solutions that SSSM can use to deal with the socio-economic issue identified in question 1.1.6. COM...

Business

04.04.2020 01:56

State one situation when the principle of going concern is not applied...

State one situation when the principle of going concern is not applied...

Business

09.04.2023 17:47

How would your life be affected by having to buy products manufactured by a...

How would your life be affected by having to buy products manufactured by a monopoly?...

Business

19.04.2023 06:34

Answer the three discussion questions at the bottom of the page: 1. What are...

Answer the three discussion questions at the bottom of the page: 1. What are the pre-shift and post-shift equilibrium prices for a sandwich? Will an increase in quantity supplied...

Business

15.06.2022 18:53

One term of disabled people applying for job positions...

One term of disabled people applying for job positions...

Business

28.06.2020 16:39

Samantha is working through the Client Needs Assessment process. Which 4 areas...

Samantha is working through the Client Needs Assessment process. Which 4 areas should she focus on to gather information for her client?(Select all that apply) Who is the client Why...

Business

25.04.2022 05:25

New questions by subject

The most common approach for making individual analysis is to:. a) analyze...

The most common approach for making individual analysis is to:. a) analyze organizational outcomes. b) predict future organizational needs. c) use performance appraisal data. d) review...

Business

25.10.2021 08:54

Rachel and Joey are two students who are dating. Before they left for class...

Rachel and Joey are two students who are dating. Before they left for class this morning, they decided to meet for dinner in the evening. After their last class, they go home and...

Business

02.12.2021 22:39

Positive charge Q is distributed uniformly along the x axis from x = 0 to x...

Positive charge Q is distributed uniformly along the x axis from x = 0 to x = a. (a) Determine the magnitude of the electric field at x = l + a on the x axis. (b) Find an expression...

Physics

02.10.2022 21:24

Two white sheep are bred to one another. Over the span of several years they...

Two white sheep are bred to one another. Over the span of several years they produce three white offspring and a black one. What is a possible explanation for this?...

Biology

20.02.2020 03:28

Rebecca sells her personal scooter for $550. She purchased the scooter for...

Rebecca sells her personal scooter for $550. She purchased the scooter for $700 three years ago. She also sells a painting for $1,200 which she acquired five years ago for $900. 1....

Business

23.05.2021 03:18

You are directed to study the factors close to the company that affects its...

You are directed to study the factors close to the company that affects its ability to serve its customers-departments within the company, suppliers, marketing intermediaries, customer...

Social Studies

05.11.2022 06:21

You are in space and running out of water. You do have a great deal of magnesium...

You are in space and running out of water. You do have a great deal of magnesium carbonate pentahydrate. It is possible to extract the water from this. Determine the percent of water...

Chemistry

11.06.2021 23:19

If the rate of change of the magnetic field applied to a loop of wire is doubled,...

If the rate of change of the magnetic field applied to a loop of wire is doubled, what happens to the induced emf in that loop assuming that all other parameters remain unchanged?...

Physics

12.04.2021 21:29

While idly tossing some keys from hand to hand one day, your friend Kala (an...

While idly tossing some keys from hand to hand one day, your friend Kala (an expert chemist) says this: Ammonium salts heated with aqueous hydroxides form ammonia, water, and a salt....

Chemistry

17.05.2021 12:12

Suppose a perfectly competitive firm faces the following situation: P = $6,...

Suppose a perfectly competitive firm faces the following situation: P = $6, output = 2,000, ATC = $7, MC = $6, and AVC = $6.50. Which statement is an accurate description of the firm...

Business

06.11.2022 00:56

Find out answers to questions
from an AI-bot

Get full access

Answers

Themes

Family and Home Sport Other Dating, Love, Relationships Health and Medicine Science and Technology Cities and Countries Travel and tourism Food and Cooking Philosophy Style and Beauty Animals and plants Business and Finance Construction and repair Leisure and Entertainment Legal consultation Goods and services Society and Politics Photography and Videography Auto and Moto Art and Culture Computers and Internet Horoscopes, Magic, Divination Work and Career Business Law Spanish SAT Engineering Social Studies Computers and Technology World Languages Mathematics French Biology Arts History Geography Health Chemistry Medicine Physics English Advanced Placement (AP) German

We expand our knowledge with many expert answers