Step 1 :Given that Maya and Jaxon both invested $19,000 in different accounts, we are to find how much longer it would take for Maya's money to triple than for Jaxon's money to triple.
Step 2 :We use the formula for compound interest, which is \(A = P(1 + \frac{r}{n})^{nt}\), where A is the amount of money accumulated after n years, including interest, P is the principal amount, r is the annual interest rate (in decimal), n is the number of times that interest is compounded per year, and t is the time the money is invested for in years.
Step 3 :We set A to be three times the principal amount, since we want to find out when the money triples. Then we can solve for t.
Step 4 :For Maya, the interest is compounded annually, so n = 1. The annual interest rate is 8 1/8 % = 0.08125 in decimal.
Step 5 :For Jaxon, the interest is compounded monthly, so n = 12. The annual interest rate is 8 3/8 % = 0.08375 in decimal.
Step 6 :We then calculate the time it takes for each investment to triple and find the difference.
Step 7 :For Maya, the time it takes for the investment to triple is approximately 14.06 years.
Step 8 :For Jaxon, the time it takes for the investment to triple is approximately 13.16 years.
Step 9 :The difference in time it would take for Maya's money to triple than for Jaxon's money to triple is approximately 0.90 years.
Step 10 :Final Answer: \(\boxed{0.90}\) years.