A $1200 investment earns interest at a rate of 6.12% per annum, compounded monthly. Another investment of $1800 earns interest at a rate of 4.15% per annum, compounded semi-annually. How long, if ever, will it take for the lower initial investment to be worth more than the higher one?

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12-07-2024
Mathematics

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A $1200 investment earns interest at a rate of 6.12% per annum, compounded monthly. Another investment of $1800 earns interest at a rate of 4.15% per annum, compounded semi-annually. How long, if ever, will it take for the lower initial investment to be worth more than the higher one?

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