Madeline invested $51,000 in an account paying interest rate of 6 1/8% compounded daily. Harper invested 51000 in an account paying an interest rate of 5 3/4% compounded monthly. After 13 years, how much more money would Madeline have in her account than Harper

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Today at 12:48 PM
Mathematics

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Madeline invested $51,000 in an account paying interest rate of 6 1/8% compounded daily. Harper invested 51000 in an account paying an interest rate of 5 3/4% compounded monthly. After 13 years, how much more money would Madeline have in her account than Harper

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ewomazinoade ewomazinoade · Answer 1 · 2025-03-31T12:53:34-04:00

Answer:

$5564.87

Step-by-step explanation:

We are to determine the difference between the future values of each investment

The formula for calculating future value:

FV = P (1 + r)^mn

FV = Future value

P = Present value

R = interest rate

N = number of years

m = number of compounding

Madeline

P = Present value = 51,000

R = interest rate = 0.06125 / 365 = 0.000168

N = number of years = 13

m = number of compounding = 365

51,000 x (1.000168)^4745 = 113,070.20

Harper

51,000 x (1.004792)^156 = 107,505.33

Difference = 113,070.20 - 107,505.33 = $5,564.87

cheyennebarneyy cheyennebarneyy · Answer 2 · 2025-03-31T12:53:59-04:00

cheyennebarneyy cheyennebarneyy

Today at 12:53 PM

Answer:$5565 just took it

Step-by-step explanation:

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