<p>The standard savings pays interest at a rate of 5 percent per year compounded annually. A different saving pays 8 percent per year compounded annually. If jack puts in 100 dollars in to the first savings, and amy puts in 80 dollars into the second, how many years will jack have more money than Amy?</p>
<p>5
6
7
8
10</p>
<p>answer is 8..</p>
<p>The answer explanation looked like this 80*(1.08)^n</p>
<p>Why would it be 1.08, wouldn't it be (8/100), since it is 8 percent.?/?</p>
<p>Dude, you copied the question wrong. You mean in how many years will AMY have more money than jack. The answer cant be 8 if its the other way around. Wow.</p>
<p>What do you mean, Quix? It seems right to me.
I did the problem and ended up with 8.</p>
<p>Insomniac, I don't know why it's like that, maybe its a typo or something.</p>
<p>The 1.0 is the current amount that year. The .08 is the interest, so you need both numbers combined for the new number to be higher than the previous.</p>
<p>dude thats not SAT math, thats SAT 1 or 2. lol.</p>
<p>Samoo, its 7 if you say how many years will jack have more money than amy. Its 8 if you ask how many hyears til amy has more than jack.</p>