Steven's savings account switches from compounding interest annually to quarterly. His account earns 3% interest yearly. Steven puts $500 into his account and leaves it for five years. How much more money will he have in his account due to switching from annually to quarterly compounding?

$0.95 more.

Step-by-step explanation:

The principal of $500, when invested at APR of 3% for 5 years compounded annually will become

dollars.

Again, the principal of $500, when invested at APR of 3% for 5 years compounded quarterly will become

dollars.

Therefore, Steven will have $(580.59 - 579.64) = $0.95 more money in his account due to switching from annually to quarterly compounding. (Answer)

51-50

step-by-step explanation:

logv3(x+2)=1

rewrite in exponential form:

logb(x) = y is equal to b^y =x

b = 3, y = 1

now solve for x:

3^1 = x+2)

x = 3-2

x = 1

see the picture for the graph.