Kristen invests $ 5745 in a bank. the bank 6.5% interest compounded monthly. how long must she leave the money in the bank for it to double? round to the nearest tenth of a year. show your work. how long will it take to triple? round to nearest tenth of a year. show your work. kristen has a choice to invest her money at 6.5% interest compounded monthly for 5 years or invest her money compounding quarterly at a rate of 6.75% for 5 years. what option would be best for kristen? explain and show your work.

1. 10.7 years

2. 17.0 years

3. 2nd option

Step-by-step explanation:

Use formula for compounded interest

where

A is final value, P is initial value, r is interest rate (as decimal), n is number of periods and t is number of years.

In your case,

1. P=$5745, A=2P=$11490, n=12 (compounded monthly), r=0.065 (6.5%) and t is unknown. Then

2. P=$5745, A=3P=$17235, n=12 (compounded monthly), r=0.065 (6.5%) and t is unknown. Then

3. 1 choice: P=$5745, n=12 (compounded monthly), r=0.065 (6.5%), t=5 years and A is unknown. Then

2 choice: P=$5745, n=4 (compounded monthly), r=0.0675 (6.75%), t=5 years and A is unknown. Then

The best will be 2nd option, because $8032.58>$7936.39

the answer is 24

step-by-step explanation: