MATHHHHHH HURRYYYY PLEASEEEE ILY

Question

Rashaad invested $94,000 in an account paying an interest rate of 3 7/8​% compounded annually. Arianna invested $94,000 in an account paying an interest rate of 4 3/8​% compounded monthly. To the nearest hundredth of a year, how much longer would it take for Rashaad's money to triple than for Arianna's money to triple?

Answer 1

3= (1.03875)^r

r= log_1.038753₌ ln3/ln1.03875 = about 28.90 years to triple his investment for Rashaad

3=(1+.04375/12)^12a

3= (1.003646)^12a

12a = ln3/log_1.003646= ln3/ln1.003646 = about 301.87

a = 301.87/12 = about 25.16 years to triple Arianna's investment

28.90-25.16 = 3.74 years longer for Rashaad than Arianna

the $94,000 is irrelevant to the calculations. same tripling time would apply to any initial investment

the higher interest rate coupled with more compounding would necessarily

make Arianna's investment triple faster