Mathematics, 10.03.2020 19:15, laylac45531
George is considering two different investment options. The first offers 7.4% per year simple interest on the initial deposit. The second option offers a 6.5% interest rate but is compounded quarterly. He may not withdraw any of the money for three years after the deposit. Once the minimum 3 years is reached, he can choose to withdraw his money or continue to collect interest. Suppose that George opens one of each type of account and deposits 10,000% into each.
Part A : Determine the value of the simple-interest investment at the end of three years. Use the formula A = P + Prt, where A represents the value of the investment, P represents the original amount, r represents the rate, and t represents the years.
Part B : Determine the value of the compound-interest investment at the end of three years. Use the formula A = P(1+r/n)rt, where A represents the value of the investment, P represents the original amount, r represents the rate compounded n times per year, and t represents the time in years.
Part C : Which investment is better over the first three years?
Part D : How would you advise George to invest his money if he is unsure how long he’ll keep the money in the account?
Answers: 2
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