77. Lucas opens a bank account with 1000 and lets it accumulate at an annual nominal interest rate of 6% convertible semiannually. Danielle also opens a bank account with 1000 at the same time as Lucas, but it grows at an annual nominal interest rate of 3% convertible monthly.
For each account, interest is credited only at the end of each interest conversion period.
Calculate the number of months required for the amount in Lucas’s account to be at least double the amount in Danielle’s account.
I calculated the number of year is: 23.77451168, which is equivalent to 285.2942602 months. But I could not figure out why the correct answer is 288 instead of 286.
Thanks.
For each account, interest is credited only at the end of each interest conversion period.
Calculate the number of months required for the amount in Lucas’s account to be at least double the amount in Danielle’s account.
I calculated the number of year is: 23.77451168, which is equivalent to 285.2942602 months. But I could not figure out why the correct answer is 288 instead of 286.
Thanks.
FM sample Q77
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