problem : camilia received a $1200 prize for on of her essays. She decides to invest $1000 of it for college. Her bank offers two options. The first is a regular saving account that pays 2.5% interest every 6 months. The second is a COD that pays 5% interest each year.
A. with the savings account, how much would camilia have after 1 year? after 2 years?
work: savings 1 year---$1000 + 2.5 %(2) <-- [ 6 months * 2 = 1 year]
$1000+ 5% = $1050
after 2 years----
$1000+ 2.5% (4) <---[6months * 4 = 2 years]
$1000+ 10% = $1,100
B. with the COD, how much would camilia have after 1 year? After 2 years?
work: savings one year---
$1000+ 5% (one year)= $1050
after 2 years---
$1000+ 10% (5%*2 = 2years of interest) = $1100
C.Explain why you get different results for A and B:
what i dont get is.. that i got the same answers for each year.. so i must have dont something wrong im my process. i dont know what i did.
A. with the savings account, how much would camilia have after 1 year? after 2 years?
work: savings 1 year---$1000 + 2.5 %(2) <-- [ 6 months * 2 = 1 year]
$1000+ 5% = $1050
after 2 years----
$1000+ 2.5% (4) <---[6months * 4 = 2 years]
$1000+ 10% = $1,100
B. with the COD, how much would camilia have after 1 year? After 2 years?
work: savings one year---
$1000+ 5% (one year)= $1050
after 2 years---
$1000+ 10% (5%*2 = 2years of interest) = $1100
C.Explain why you get different results for A and B:
what i dont get is.. that i got the same answers for each year.. so i must have dont something wrong im my process. i dont know what i did.
