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.
Spammers would be reported.
Correct answer will get a BRAINLIEST!

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%.

histogram or dot plot?

step-by-step explanation: