the continental bank advertises capital savings at 6.6% compounded annually, while td canada trust offers premium savings at 6.5% compounded monthly. suppose you have $2,000 to invest for two years. what is the difference in the amount of interest?
select one:
a. 4.00
b. 4.04
c. 4.17
d. 4.08

The difference in the amount of interest is about $4.146.

Step-by-step explanation:

Given information: Principal = $2000, time = 2 year.

The formula for amount is

where, P is principal, r is rate of interest, n is number of times interest compounded in an year and t is time in years.

The Continental Bank advertises capital savings at 6.6% compounded annually.

The interest is

D Canada Trust offers premium savings at 6.5% compounded monthly.

The interest is

Difference in the amount of interest is

The difference in the amount of interest is about $4.146.

ok

step-by-step explanation:

x =±sqrt(1/3)

step-by-step explanation:

x+4/6x=1/x

multiply each side by 6x to get rid of the fractions

6x*(x+4/6x)=1/x*6x

distribute

6x^2 +4 = 6

subtract 4 from each side

6x^2 +4-4 = 6-4

6x^2 =2

divide by 6

6x^2/6 = 2/6

x^2 = 1/3

take the square root of each side

sqrt(x^2) = ±sqrt(1/3)

x =±sqrt(1/3)