Hi,
I trying to solve the following question. I want to know have i calculated Amy's part correctly or not?
The question is:
Amy deposited $1000 into an account that earns 8% annual interest compounded every 6 months. Bod deposited $1000 into an account that earns 8% annual interest compounded quarterly. If neither Amy nor Bob makes any additional deposits or withdrawals in 6 months, how much more money will Bob have in his account than Amy?
For Amy:
P=1000, t=1, n=2, r=4%
V=1000(1+0.04)^2
Somebody please guide me.
Zulfi.
I trying to solve the following question. I want to know have i calculated Amy's part correctly or not?
The question is:
Amy deposited $1000 into an account that earns 8% annual interest compounded every 6 months. Bod deposited $1000 into an account that earns 8% annual interest compounded quarterly. If neither Amy nor Bob makes any additional deposits or withdrawals in 6 months, how much more money will Bob have in his account than Amy?
For Amy:
P=1000, t=1, n=2, r=4%
V=1000(1+0.04)^2
Somebody please guide me.
Zulfi.