Interest Compounded & Compounded Monthly - Accounting Assignment Help
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I. You are wanting to invest some money with one of the following banks: Bank A offers 6.9% interest compounded monthly. Bank B offers 62% interest compounded continuously. Bank C offers 6.9% interest compounded yearly.
Please answer the following:
• If you invest $1200 for 3 years, which is the best offer for you? (can justify graphically or algebraically). • If you were to invest $1000 with Bank B. how many years will it take you to have a future value of $5000? (can justify graphically or algebraically). • If you wanted a future value of $2500 in 2 years, which bank would require you to put down the least amount of money? (can justify graphically or algebraically).
2. (10 points) You are deciding to place money into a savings account. You are currently contemplating two different banks. The functions below represent the two savings accounts options: F (t) = 600(1.06)' H (t) = 500(1.082)' Please answer the following:
• Which account has a higher initial amount deposited? (can justify graphically or algebraically). • Which account will grow faster? (can justify graphically or algebraically). • Which account will have a higher balance after 2 years? (can justify graphically or algebraically).
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