Ask Question
16 July, 15:35

Kim has $18,000 to invest. Choose the option that will earn her the most money. Question 1 options: 4.5% compounded annually for 2 years. 2.56% compounded annually for 4 years 3.65% compounded annually for 2 years. 3.48% compounded annually for 3 years.

+2
Answers (2)
  1. 16 July, 16:21
    0
    2.56% compounded annually for 4 years will earn her the most money.

    Step-by-step explanation:

    Amount at Compound Interest, A=P (1+r) ⁿ

    The amount for each investment plan is calculated and comparison is done.

    4.5% compounded annually for 2 years.

    A=18000 (1+0.45) ²=18000 (1.45) ²=$37845

    2.56% compounded annually for 4 years

    A=18000 (1+0.256) ⁴=18000 (1.256) ⁴=$44795.16

    3.65% compounded annually for 2 years.

    A=18000 (1+0.365) ²=18000 (1.365) ²=$33538.05

    3.48% compounded annually for 3 years.

    A=18000 (1+0.348) ³=18000 (1.348) ³=$44090.21
  2. 16 July, 16:32
    0
    Hey, the answer is 3.48% for 3 years

    Step-by-step explanation:Use the formula.

    A=p (1+r) ^t Plug the numbers in

    P=18,000

    R=3.48% but you need to convert it to a decimal which equals to 0.0348

    T=3 years
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Kim has $18,000 to invest. Choose the option that will earn her the most money. Question 1 options: 4.5% compounded annually for 2 years. ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers