You can save $100 a month and want to save it for 3 years.

2. How much money will you have at the end of 3 years if you have a 3.5% interest rate, compounded monthly? How much money will you have at the end of 3 years if you have a 7% interest rate, also compounded monthly?

2. When you had a 7% interest rate, did you end up with less than, exactly, or more than twice as much as when you had a 3.5% interest rate?

Answer rating: 100% (QA)

Absolutely lets calculate the ending amount for both scenarios and then compare them 1 Calculating t... View the full answer