Mathematics, 01.02.2021 07:20, djmccarter

Joe and Michael are saving money for college. They both invested money in CDs at the same bank that pays an annual compound interest rate of 1.5%. Joe invested $500 every year for 15 years. Michael invested $700 every year for 5 years. Which statements about Joe and Michael's investments for college is most likely to be true?

A. Joe and Michael will have the same amount of money in their college savings accounts.

B. Joe will have more money in his account because he invested regularly over a longer period of time.

C. Michael will have more money in his account than
Joe because he invested more money each year.

D. It is impossible to determine whether Joe or Michael will have more money in their accounts.

Answers: 2

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Joe and Michael are saving money for college. They both invested money in CDs at the same bank that...