Answer:
Avery would have $136.49 more.
Step-by-step explanation:
First you need to find the amount Avery had after 9 years. Which is $11779.25 and then Anthony, $11642.76. Lastly you subtract them.
Answer: Avery would have $120.4 more than Anthony.
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
Considering Avery's investment,
P = 8600
r = 3.5% = 3.5/100 = 0.035
n = 12 because it was compounded 12 times in a year.
t = 9 years
Therefore,.
A = 8600(1+0.035/12)^12 × 9
A = 8600(1.0029)^108
A = 8600(1.0029)^108
A = 8600 × 1.367
A = $11756.2
Considering Anthony's investment,
P = 8600
r = 3.375% = 3.375/100 = 0.03375
n = 4 because it was compounded 4 times in a year.
t = 9 years
Therefore,.
A = 8600(1+0.03375/4)^4 × 9
A = 8600(1+ 0.0084375^36
A = 8600(1.0084375)^36
A = 8600 × 1.353
A = $11635.8
The difference in the amount in both accounts is
11756.2 - 11635.8 = $120.4
