Question
Calvin deposits $400 in a savings account that accrues 5% interest compounded monthly. After c years, Calvin has $658.80. Makayla deposits $300 in a different savings account that accrues 6% interest compounded quarterly. After m years, Makayla has $613.04. What is the approximate difference in the number of years that Calvin and Makayla have their money invested?
Answers
Steve
400(1+.05/12)^(12c) = 658.8
300(1+.06/4)^(4m) = 613.04
m-c = 2
300(1+.06/4)^(4m) = 613.04
m-c = 2