Tom and Jerry both invested the same amount for 8 years. If Tom’s rate of return is 9% and Jerry’s rate is 10% compounded annually then find how much more Jerry will have after 8 years than Tom? e) 5.7% (f) 7.6%
g) 15.1% (h) 6.7%
Kindly explain it with solution.
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The correct option is;

(f) 7.6%

Step-by-step explanation:

The given parameters are;

The number of years Tom and Jerry are investing their money, t = 8 years

The rate of return for Tom's investment, r₁ = 9%

The rate of return for Jerry's investment, r₂ = 10%

The rate at which the interest is compounded, n = Annually =  1

Let P represent the equal amount of money each of Tom and Jerry invested separately

The amount, A, of the investment is given by the following formula;

Substituting the known values for Tom, gives;

The amount Tom has after 8 years ≈ 1.993·P

Substituting the known values for Jerry, gives;

The amount Jerry has after 8 years ≈ 2.144·P

The percentage amount Jerry has more than Tom after 8 years, PA is given as follows;

The amount Jerry will have after 8 years than Tom = PA ≈ 7.6%.

answer set (b) 0.5, 3/4 80% is in order from least to greatest.  

step-by-step explanation:

in order to compare rational numbers to each other, it is much easier if they are in the same form.   typically, the best form in which to evaluate rational numbers is in decimals.   in order to convert a percent to a decimal, you would divide the given percentage by 100.   you can also accomplish the conversion by moving the decimal point over two places to the left.   for example, the decimal value of 80% is 80/100, or 0.8.   in order to convert a fraction to a decimal, you need to divide the numerator by the denominator.   for example, 3/4 is 0.75.   so, for choice (b) 0.5 3/4 (0.75), 80% (0.8) is the only choice in which the numbers are in order from least to greatest.  

answer for #1 is c

answer for #2 is d

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