need help with interest question pls | Mathematics | Page 1

zinc cedar May 17, 2023, 5:24 PM

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Question 3: Sophie wants to retire at the age of 60 with a pension fund worth 1,000,000%. To do this, it must choose two options,

Option 1: Contribute every 3 months from the age of 35 with an interest rate of 5% per year capitalized quarterly,

Option 2: Contribute every 3 months from the age of 25 with an interest rate of 4% per year capitalized quarterly.

Calculation in support and a justification of your answer, determine the best option

strong topaz May 17, 2023, 5:29 PM

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option 2

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formula is A = P(1 + r/n)^(nt)

zinc cedar May 17, 2023, 5:40 PM

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tysm

echo yewBOT May 17, 2023, 5:40 PM

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@zinc cedar has given 1 rep to @strong topaz

strong topaz May 17, 2023, 5:45 PM

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np

#need help with interest question pls