Jane has $6 and Sarah has $8. Over the next few years, Jane invests her money at 11%. Sarah invests her money at 8%. When they have the same amount of money, how much will they have? Assume annual compounding interest, and round to the nearest cent.
a-10.50
b-They will never have the same amount of money
c-17.23
d-17.95
I just want the answer.
Thanks
Hello, magentarita!
I got a different result . . .
Jane has $6 and Sarah has $8. Over the next few years,
Jane invests her money at 11%. Sarah invests her money at 8%.
When they have the same amount of money, how much will they have?
Assume annual compounding interest, and round to the nearest cent.
At the end of years, Jane will have: . dollars.
At the end of years, Sarah will have: . dollars.
So we have: .
Take logs: .
. . Hence: .
They will have the same amount of money in about years.
At that time, they will have: .