Back when he was 23, Curly had the option of putting money each month into two different retirement accounts-if he chose Moe's Mo' Money account he would deposit $300 per month and receive 6% APR. If he chose Larry's Lazydays account, he would only deposit $280 per month and get 6.1% APR.
Whichever he chooses, Curly will continue to do this until you retires (some 45 years later). Write a quantitative sentence comparing the two amounts Curly would have when he retires. Round to the nearest dollar..

Answers

Answer 1
The difference in the two amounts Curly would have when he retires is $10,000.

Formula: FV = P * ((1 + r/n)^(n*t))

Just to let you know:
FV is the future value of the account
P is the monthly payment
r is the annual interest rate
n is the number of times interest is compounded per year
t is the number of years

For Moe’s Mo’ Money account:
FV = 300 * ((1 + 0.06/12)^(12*45)) = $1,081,383.16

For Larry’s Lazydays account:
FV = 280 * ((1 + 0.061/12)^(12*45)) = $1,071,383.16

So yeah, the difference is 10,000.

I know this is complicated to read, I’m sorry, I just wanted to include the calculations!!

Related Questions

The area of a square is 36 sq.cm, then its perimeter is a) 24 cm b) 6 cm c) 144 cm d) 36 cm​

Answers

Answer:

Step-by-step explanation:

3.6*

It is very easy to find the perimeter of a square when its area is given in the question. For that, you only ned to know one fomula. That formula is: Area = side^2

For this particular question, the given value for the area of the square is 36 sq.cm. So, we can solve for the side(s) by substituting the given value in the above mentioned formula.

We get

36 = s^2

Now, we need to get the square root of both sides, which gives us

s = √36 s = 6 cm

Since all the sides of a square are equal in length, the side length is 6 cm. Now to determine the perimeter, we must multiply the side length by 4 (because there are 4 equal sides in a square). That gives us Perimeter = 4 x side length Perimeter = 4 x 6 cm.

Therefore, the perimeter of the square is 24 cm.

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