SOLUTION: How much more would you earn in the first investment than the second investment? $47,000 invested at 40 years at 14% compounded annually. $47,000 invested at 40 years at 7% com

Algebra ->  Finance -> SOLUTION: How much more would you earn in the first investment than the second investment? $47,000 invested at 40 years at 14% compounded annually. $47,000 invested at 40 years at 7% com      Log On


   

Question 1001771: How much more would you earn in the first investment than the second investment?
$47,000 invested at 40 years at 14% compounded annually.
$47,000 invested at 40 years at 7% compounded monthly.
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
47000*{1+0.14)^40}=$8,877,525.15
47000*{1+(.07/12)}^480=$766,636.34
$8,110,888.81 more