Calvin deposits $400 in a savings account that accrues 5% interest compounded monthly. after c years, calvin has $658.80. makayla deposits $300 in a different savings account that accrues 6% interest compounded quarterly. after m years, makayla has $613.04. what is the approximate difference in the number of years that calvin and makayla have their money invested? makayla invests her money 1 year longer. makayla invests her money 2 years longer. calvin invests his money 1 year longer. calvin invests his money 2 years longer.

Compound interest is refers to an amount implemented on the principal amount along wit the accumulated interest with a fixed rate of interest for a time period.

Solution:-

Given Information:

Calvin deposits= $400
Interest rate=5%
final amount Calvin =$658.80

Here, Compound interest= A=P (1+r/t)t

Monthly compound interest,

658.8=400(1+5/12*100)12c

658.8/400=(1205/1200)12c

c=10 years

Now Makayla deposits $300 in a different savings account that accrues 6% interest compounded quarterly. The final amount she gets is $613.4 in m years. Thus,

613.4=300(1+6/12*100)12m

613.4/300=(1206/1200)12m

c=12 years.

Thus, the approximate difference in the number of years that Calvin and Makayla have their money invested is 2 years.

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