1. Assume that you have $5000 to invest into a TFSA (Tax Free Savings Account). Suppose your financial advisor proposes two different accounts for you to invest in. i) 7% interest compounded quarterly ii) 7% interest compounded semi-annually If your goal is to have your investment double in value quickly, which account should you choose and why? Expectations: ☐ Determine algebraically the amount of time it would take for the investment to double with each account to the nearest hundredth Write any formulas used before substituting in values ☐ Clearly state which account you would choose, and fully explain why you would choose that account with justification from your calculations.

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at  5 1/4…

A: To find the total interest

Q: You are given $2000 and told to invest in one of the following accounts. Which account will give you…

A: Formula of compounded investment: A=P1+rnnt where A= Ending Amount P=Principal Amount r=Interest…

Q: Melvin Indecision has difficulty deciding whether to put his savings in Mystic Bank or Four Rivers…

A:

Q: grandparents

A: Given :  Future value = $40,000 Time t = 18 years  Interest r = 3.5%  Compounding m = 4

Q: 1) Lucy invests $6500 at 3.2% p.a. interest compounded annually. Find the value of her investment…

A: Direectly use the formula for compound interest

Q: Find what simple interest rate will be necessary for Sonny to get a 40% return on a $500 investment…

A:

Q: Suppose you deposit $10,000 into an account (single deposit). How much money will you have after 5…

A: topic- exponential function

Q: A radio commercial for a loan company states: "You only pay 35¢ a day for each $500 borrowed." If…

A:

Q: Will and Jane Sparks are establishing a college fund for their 1-year-old daughter, Jennifer. They…

A: Given information: Amount to accumulate (FV) = $30,000 Time in years (n) = 17 Annual Interest rate…

Q: Suppose you have budgeted $ 1130 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Given that, the monthly payment towards a mortgage is $1130, the number of years is 30 years and the…

Q: Monica wants to have $1000 in 10 years. Monica plans on making no deposits or withdrawals. The…

A: Lets assume monica invests some amount x initially, we will now compare the three scenarios, and…

Q: Suppose $100 is withdrawn at the EOY 2026, emptying an account that earns 7% interest, compound…

A:

Q: Assume that you have a balance of $4500 on your Visa credit card and that you make no more charges.…

A: Given information Balance=$4500 APR=21% And each month you make only the minimum payment of 2.5% of…

Q: An investment company pays 4​% compounded semiannually. You want to have $17,000 in the future.

A: To determine how much money you need to invest now to have $17,000 in the future, we can use the…

Q: You are offered four investments. What is the best investment? a.The first promises to earn 20%…

A: Find the effective interest rate of all the given nominal interest using the following formula.…

Q: Determine whether the following statement is true or false. Simple interest never earns more than…

A: Given The given statement is that the simple interest never earns more than compound interest.

Q: 5. Andy plans to have a fixed amount from his paycheck directly deposited into an account that pays…

A: Present value = R× future value/ {1-(1+R) -n } Where, R= rate per month n= number of month

Q: 2. To save for college, parents invest $12,000 for their newborn child in a mutual fund that should…

A:

Q: Sophie graduates from college and gets a job and rents an apartment.  She knows that eventually she…

A: Annual interest rate = 6% Monthly interest rate = 6/12 = 0.5% Time period = 5 years Saving per month…

Q: 3) Find the amount of time it would take for your balance to double at an interest rate of 8.75%.

A: