Quinn and Julius inherited $50,000 each from their great-grandmother’s estate. Quinn invested her money in a 5-year CD paying 1.6% interest compounded semiannually. Julius deposited his money in a money market account paying 1.05% compounded monthly. How much total money will Quinn have after 5 years?

Question

Ms. Sue · Answer

http://www.jiskha.com/display.cgi?id=1372386463

Tee · Answer

Initial amount=$50000 rate=0.016 Number of years=5 Amount after 5 years compounded semiannually= 50000(1+0.016/2)^5*2 =50000(1.08)^10 [ =50000*2.16 =108000 Amount after 5 years compounded semiannually=$108000

Anonymous · Answer

Julius deposited his money in a money market account paying 1.05% compounded monthly. How much total money will Juliushave after 5 years?