Melanie invested $8,600 in an account paying an interest rate of 2\tfrac{7}{8}2 8 7 ​ % compounded monthly. Oliver invested $8,600 in an account paying an interest rate of 2\tfrac{3}{4}2 4 3 ​ % compounded daily. After 10 years, how much more money would Melanie have in her account than Oliver, to the nearest dollar?

Answer:

$139

Step-by-step explanation:

The formula for compound interest =

A = P(1 + r/n)^nt

Where

P = Principal

r = Interest rate

n = Compounding frequency

t = time in years

A = Amount after t years

For Melanie

Melanie invested $8,600 in an account paying an interest rate of 2 7/8% compounded monthly.

Rate = 2 7/8% = 23/8% = 2.875%

Time = 10 years

n = monthly = 12

First, convert R percent to r a decimal

r = R/100

r = 2.875%/100

r = 0.02875 per year,

Then, solve our equation for A

A = P(1 + r/n)^nt

A = 8,600.00(1 + 0.02875/12)^(12)(10

A = 8,600.00(1 + 0.002395833)^(120)

A = $11,460.64

For Oliver

Oliver invested $8,600 in an account paying an interest rate of 2 3/4 ​ % compounded daily.

Rate = 2 3/4% = 11/4% = 2.75%

Time = 10 years

n = daily = 360 days

First, convert R percent to r a decimal

r = R/100

r = 1.375%/100

r = 0.01375 per year,

Then, solve our equation for A

First, convert R percent to r a decimal

r = R/100

r = 2.75%/100

r = 0.0275 per year,

Then, solve our equation for A

A = P(1 + r/n)^nt

A = 8,600.00(1 + 0.0275/360)^(360)(10)

A = 8,600.00(1 + 7.6389E-5)^(3600)

A = $11,322.05

After 10 years, how much more money would Melanie have in her account than Oliver, to the nearest dollar?

This is calculated as

$11,460.64 - $11,322.05

=$ 138.59

Approximately to the nearest dollar = $139

Answer:

139

Step-by-step explanation:

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In 1966, an Arizona man named Ernesto Miranda was accused of kidnapping and assaulting a teenage girl. After a few hours of questioning, he confessed his guilt to a police officer. Later, during his trial, the prosecution
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Not only that, but the Miranda Rights also have to be translated into many different languages, in case the police arrest someone who does not speak English. There are also simplified versions, because it is important for minors
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As it turns out, even 945 versions are not enough to make sure everyone understands what their rights really are. Some researchers have analyzed the wording of Miranda Rights from all over the country, and most versions are too complex for everyone to understand. Some are so complex, they are at the same reading level as a college accounting textbook!

It is extremely important that everyone can understand their right to remain silent and their right to be represented by a lawyer. The law says that, in order to use a suspect’s own confession against him, the court has to prove that the police read them their rights, they completely understood their rights, and that they chose to ignore those rights intentionally. The Constitution gave us these rights for a reason; make sure you understand them!

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