Calvin deposits 400 dollars in a savings account that accrues 5 percent interest compounded monthly. After c years, Calvin has 658 point 8 0 dollars Makayla deposits 300 dollars in a different savings account that accrues 6 percent interest compounded quarterly. After m years, Makayla has 613 point 0 4 dollars What is the approximate difference in the number of years that Calvin and Makayla have their money invested?
Answer
A
Makayla invests her money 1 year longer.
B
Makayla invests her money 2 years longer.
C
Calvin invests his money 2 years longer.
D
Calvin invests his money 1 year longer.
Explanation
Use the compound-interest formula A = P(1 + r/n)^(nt). For Calvin, 658.80 = 400(1 + 0.05/12)^(12c), which gives c ≈ 10 years. For Makayla, 613.04 = 300(1 + 0.06/4)^(4m), which gives m ≈ 12 years. Makayla’s money is invested about 2 years longer, so the answer is C.
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