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works nights andLochlan weekends at a local grocery store. Over the past several years, he has saved $3,000. Lochlan would like to invest the money so he can buy a house in 20 years. The table shows two different investment options at Lochlan’s bank. CD Money Market Account 1.75% annual simple interest 1.85% annual compound interest $1,500 minimum $3,500 minimum 4 Which type of account can Lochlan open with the money he has saved, CD or Money Market Account? Write your answer in the space provided. 5 The CD has a maturity date of 2 years. How much will Lochlan’s investment be worth after 2 years? Write your answer in the space provided. $ 6 After 10 years, Lochlan transfers his investment into a money market account. The account now earns compounded interest of 1.95% annually with a maturity date of 5 years. How much will Lochlan’s investment be worth after 5 years in the new account? the answer is 3882.36 how do I get the answer

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Answer to a math question works nights andLochlan weekends at a local grocery store. Over the past several years, he has saved $3,000. Lochlan would like to invest the money so he can buy a house in 20 years. The table shows two different investment options at Lochlan’s bank. CD Money Market Account 1.75% annual simple interest 1.85% annual compound interest $1,500 minimum $3,500 minimum 4 Which type of account can Lochlan open with the money he has saved, CD or Money Market Account? Write your answer in the space provided. 5 The CD has a maturity date of 2 years. How much will Lochlan’s investment be worth after 2 years? Write your answer in the space provided. $ 6 After 10 years, Lochlan transfers his investment into a money market account. The account now earns compounded interest of 1.95% annually with a maturity date of 5 years. How much will Lochlan’s investment be worth after 5 years in the new account? the answer is 3882.36 how do I get the answer

Expert avatar
Sigrid
4.5
115 Answers
Step 1: Calculate the amount of interest Lochlan can earn in each account after 2 years for the initial $3,000 investment.
For the CD with simple interest:
Simple Interest formula: I = P \cdot r \cdot t
Where:
- I is the interest earned
- P is the principal amount ($3,000)
- r is the annual interest rate (1.75% or 0.0175)
- t is the time in years (2 years)
I = 3000 \cdot 0.0175 \cdot 2 = 105

The future value (FV) of the CD after 2 years will be:
FV = P + I = 3000 + 105 = 3105

Step 2: Calculate the amount of interest Lochlan can earn in each account after 5 years in the new money market account for the initial investment of $3,105 from the CD.
For the money market account with compound interest:
Compound Interest formula: A = P(1 + r/n)^{nt}
Where:
- A is the amount of money accumulated after n years, including interest
- P is the principal amount ($3,105)
- r is the annual interest rate (1.95% or 0.0195)
- n is the number of times that interest is compounded per year (assuming annually, so n = 1 )
- t is the time the money is invested for in years (5 years)
A = 3105(1 + 0.0195/1)^{1\cdot 5} = 3105(1.0195)^5 = 3105 \cdot 1.0978538475 = 3882.36




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