Ask Question
26 August, 22:23

Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300 as a principle amount, with an interest of 3% compounded quarterly. Brooklyn wants to deposit $300 as the principle amount, with an interest of 5% compounded monthly. What method shoud they use in order to earn more money after two year?

+2
Answers (1)
  1. 26 August, 22:51
    0
    After solving:

    Brooklyn's future worth ($331.48), which was compounded monthly is greater than Patrick's ($ 318.48), which was compounded quarterly. Therefore to earn more money in two years, compounded monthly is better than compounded quarterly.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300 as a principle amount, with an interest ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers