Answer:
A= P(1+r/n)^nt
P=20,000
r=2.75%/100=0.0275
n=365
t= 10 and 15
Will their money double within 10 years?
A=20,000(1+0.0275/365)^365t
=20,000(1.00007534)^365(10)
=26,330.340 --> $26,330.34
No
Will their money double within 15 years?
A=20,000(1+0.0275/365)^365t
=20,000(1.00007534)^365(15)
=30,211.321 --> $30,211.32
No
Step-by-step explanation:
