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Wyatt invested $1,600 in an account paying an interest rate of 52% compounded
annually. Joshua invested $1,600 in an account paying an interest rate of 47%
compounded quarterly. After 17 years, how much more money would Wyatt have in
his account than Joshua, to the nearest dollar?

Answer :

Answer:

\$ 329

$329

Step-by-step explanation:

After 17 years, Wyatt has $ 856329.9 more money as compared to Joshua.

To understand more, check below explanation.

Compound interest:

Given that,

Wyatt invested $1,600 in an account paying an interest rate of 52% compounded annually.

Wyatt amount after 17 years is computed as,

                   [tex]Amount=1600*(1+\frac{52}{100} )^{17}\\\\Amount=\$ 1974517.5[/tex]    

Joshua invested $1,600 in an account paying an interest rate of 47%

compounded quarterly.    

Joshua amount after 17 years is computed as,

             [tex]Amount=1600*(1+\frac{47}{100} )^{17}\\\\Amount=\$ 1118187.6[/tex]

Wyatt have more money as compared to Joshua,

              1974517.5 - 1118187.6 =  $ 856329.9      

Learn more about the compound interest here:

https://brainly.com/question/24924853    

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