Mr. Charles, a rich businessman, divided his wealth of $170 million between his two sons, Jason and Bobby, equally. Jason deposited the money in an account that offered simple interest of 11% per year. Bobby deposited the money in a bank that offered an interest of 10.5% compounded annually. a.) Who would be richer at the end of 3 years, Bobby or Jason? b.) How much more money would the richer brother have? (Make sure and write your answer in millions)
Mr. Charles, a rich businessman, divided his wealth of $170 million between his two sons, Jason and Bobby, equally. Jason deposited the money in an account that offered simple interest of 11% per year. Bobby deposited the money in a bank that offered an interest of 10.5% compounded annually. a.) Who would be richer at the end of 3 years, Bobby or Jason? b.) How much more money would the richer brother have? (Make sure and write your answer in millions)
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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Mr. Charles, a rich businessman, divided his wealth of $170 million between his two sons, Jason and Bobby, equally. Jason deposited the money in an account that offered simple interest of 11% per year. Bobby deposited the money in a bank that offered an interest of 10.5% compounded annually.
a.) Who would be richer at the end of 3 years, Bobby or Jason?
b.) How much more money would the richer brother have? (Make sure and write your answer in millions)
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