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Today, 00:18

Scott Harris can invest $7,000 in a 1-year CD that earns interest at an annual rate of 4 percent compounded monthly. The amount per $1.00 is 1.040742. He can also invest $7,000 in a 1-year CD at annual rate of 4 percent compounded quarterly. The amount per $1.00 is 1.040604. What is the difference in the amount of interest earned for each investment?

A) $0.96

B) $0.81

C) $0.87

D) $0.88

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Answers (1)
  1. Today, 00:29
    0
    option A is answer.

    Step-by-step explanation:

    Amount of interest earned for compounded monthly for $1 = 1.040742

    Amount of interest earned for compounded quarterly for $1 = 1.040604

    Difference for $1 = 1.040742 - 1.40604

    =0.000138

    Difference for $7000 = $7000x0.000138

    = 0.966

    or $0.96
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Home » Mathematics » Scott Harris can invest $7,000 in a 1-year CD that earns interest at an annual rate of 4 percent compounded monthly. The amount per $1.00 is 1.040742. He can also invest $7,000 in a 1-year CD at annual rate of 4 percent compounded quarterly.
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