I have no idea how to solve this type of problem. What formulas to use and how to apply it to a graph. Any help or suggestion would be appreciated.
Use graphical approximation techniques to answer the question. When would an ordinary annuity consisting of quarterly payments of $605.76 at 8% compounded quarterly be worth more than a principal of $6100 invested at 5% simple interest?
Use graphical approximation techniques to answer the question. When would an ordinary annuity consisting of quarterly payments of $605.76 at 8% compounded quarterly be worth more than a principal of $6100 invested at 5% simple interest?