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Jonathan invests $8,980 in a bank. The bank pays 5.8% interest compounded quarterly.                        (SLO #6)...

  1. Jonathan invests $8,980 in a bank. The bank pays 5.8% interest compounded quarterly.                        (SLO #6)
  1. How long must he leave the money in the bank for it to double? Round to nearest tenth of a year. Show your work.
  2. How long will it take to triple? Round to nearest tenth of a year. Show your work.
  3. If Jonathan is given the choice to invest his money at 5.8% interest compounded quarterly for 5 years or invest his money compounding annually at a rate of 5.85% for 5 years, which option would be best for Jonathan? Explain and show your work.
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Answer #1

Doubt in this then comment below.. i will explain you..

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Please thumbs up for this solution..thanks..

.

so here ,

we clearly see that growth factor of option 1st is better ...

so he choose 5.8% compounding quartely ...

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