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A saving account offers 5%
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07 Mar 2024, 04:45
07 Mar 2024, 04:45
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Question Stats:
49% (01:44) correct
49% (01:28) wrong based on 14 sessions
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A saving account offers 5% interest compounded daily
A) Quantity A is greater.
B) Quantity B is greater.
C) The two quantities are equal.
D) The relationship cannot be determined from the information given.
Quantity A |
Quantity B |
The account balance after investing $1 per day for one year |
The account balance after investing $65 at the end of every month |
A) Quantity A is greater.
B) Quantity B is greater.
C) The two quantities are equal.
D) The relationship cannot be determined from the information given.
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Free Materials for the GRE General Exam - Where to get it!!
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Free Materials for the GRE General Exam - Where to get it!!
GRE Geometry Formulas
GRE - Math Book
A saving account offers 5%
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07 Apr 2024, 01:26
07 Apr 2024, 01:26
Expert Reply
Compound interest formula
Future value \(= $1*(1+0.05)* \dfrac{(1+0.05)^{30}-1}{0.05}=$69.76\)
Future value \(= $1*(1+0.05)* \dfrac{(1+0.05)^{30}-1}{0.05}=$69.76\)
Re: A saving account offers 5%
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19 Oct 2024, 03:09
19 Oct 2024, 03:09
Carcass wrote:
Compound interest formula
Future value \(= $1*(1+0.05)* \dfrac{(1+0.05)^{30}-1}{0.05}=$69.76\)
Future value \(= $1*(1+0.05)* \dfrac{(1+0.05)^{30}-1}{0.05}=$69.76\)
Any suggestions on how to reach that number without using a scientific calculator?
