
Jane D.
asked 01/29/21i need some help
Sydney invests $100 every month into an account that pays 5% annual interest, compounded monthly. Benny invests $80 every month into an account that pays 8% annual interest rate, compounded monthly.
*Determine the amount in Sydney’s account after 10 years.
*Determine the amount in Benny’s account after 10 years.
*Who had more money in the account after 10 years?
*Determine the amount in Sydney’s account after 20 years.
*Determine the amount in Benny’s account after 20 years.
*Who had more money in the account after 20 years?
1 Expert Answer

Mark M. answered 01/29/21
Mathematics Teacher - NCLB Highly Qualified
A = [ p(1 + r/n)nt ] + [ PMT ((( 1 + r/n)nt - 1) / (r / n)) ]
For Sydney with $100 at 5%, monthly, for 10 year
A = [ 100(1 + 0.05/12)(12)(10) ] + 100 (((1 + 0.05/12)(12)(10) - 1) / (0.05 / 12)) ]
All others are in the same format, just different number. This is an arithmetic problem.
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Julie P.
01/29/21