7) Seth's parents gave him $5000 to invest for his 16th birthday. He is considering two investment options. Option A will pay him 4.5% interest compounded annually. Option B will pay him 4.6% compounded quarterly. Write a function of option A and option B that calculates the value of each account after n years. Seth plans to use the money after he graduates from college in 6 years. Determine how much more money option B will earn than option A to the nearest cent.

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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7) Seth's parents gave him $5000 to invest for his 16th birthday. He is considering two investment options. Option A will
pay him 4.5% interest compounded annually. Option B will pay him 4.6% compounded quarterly.
Write a function of option A and option B that calculates the value of each account after n years.
Seth plans to use the money after he graduates from college in 6 years. Determine how much more money option B will
earn than option A to the nearest cent.
Algebraically determine, to the nearest tenth of a year, how long it would take for option B to double Seth's initial
investment.
Transcribed Image Text:7) Seth's parents gave him $5000 to invest for his 16th birthday. He is considering two investment options. Option A will pay him 4.5% interest compounded annually. Option B will pay him 4.6% compounded quarterly. Write a function of option A and option B that calculates the value of each account after n years. Seth plans to use the money after he graduates from college in 6 years. Determine how much more money option B will earn than option A to the nearest cent. Algebraically determine, to the nearest tenth of a year, how long it would take for option B to double Seth's initial investment.
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