Marisa invests $1650 for 3 years, at which time her investment is worth $2262.7. What interest rate , compounded annually, would yield the same results? Found your answer to 2 decimal places.

Answer 1

1650(1+i)^3 = 2262.7

divide both sides by 1650, take the cube root, then subtract 1 to get i, the annual rate expressed as a decimal.

let me know what you got.

Answer 2

If 2 years ago, Mike placed $500,000.00 in an investment earning 12% annually and Tamara places $8,000.00 in an investment every month for 5 years, earning the same percentage.

Who ends up earning more in the future?