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?

asked by Anonymous

9 years ago

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1 answer

400(1+.05/12)^(12c) = 658.8
300(1+.06/4)^(4m) = 613.04
m-c = 2

answered by Steve

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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?

1 answer

400(1+.05/12)^(12c) = 658.8
300(1+.06/4)^(4m) = 613.04
m-c = 2

Steve · Accepted Answer

400(1+.05/12)^(12c) = 658.8 300(1+.06/4)^(4m) = 613.04 m-c = 2