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Penelope is trying to decide which investment plan to participate in. She has $5000 to invest 1. Plan A pays 5% annual interest for up to 10 years 2. Plan B Pays 10% annual inte…

Penelope is trying to decide which investment plan to participate in. She has $5000 to invest 1. Plan A pays 5% annual interest for up to 10 years 2. Plan B Pays 10% annual inte…
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Penelope is trying to decide which investment plan to participate in. She has $5000 to invest

1. Plan A pays 5% annual interest for up to 10 years
2. Plan B Pays 10% annual interest for up to 5 years

User Trzy Gracje
by
8.3k points

1 Answer

6 votes

Answer:

she should choose plan A.

Explanation:

Using the future value compound interest formula, plan A garners more money.

Penelope is trying to decide which investment plan to participate in. She has $5000 to-example-1
User Manoj Alwis
by
7.9k points
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