Question 936035
compound-interest formula:
v = p( 1 + (r/n) )^(nt)
where:
v = final value
p = initial (principal) value
r = interest rate (as a decimal)
n = number of compounding periods per year
t = number of years
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yearly compounding:
a = 14000( 1 + (0.09/1) )^(1*5)
a = 21540.74
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monthly compounding:
b = 14000( 1 + (0.09/12) )^(12*5)
b = 21919.53
---
b - a = 21919.53 - 21540.74
b - a = 378.79
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answer:
she could have earned 378.79 more with monthly compounding
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