Question

Lance put $40,000 into a bank account that pays 3% interest every 4 months. How much money will Lance have after 5 years?

Answer 1

here u go

Explanation:

$600,000

Explanation:

interest = 3/100 × 40,000 = $1200

Answer 2

$600,000

Explanation:

interest = 3/100 × 40,000 = $1200

4 months = 1/3 years

`p = (100 * i)/(rt) = (100 * 1200)/(3 * (1)/(3) ) = 120000`

$120,000 in 1 year

5years, 120,000×5 = $600,000