1.Decide which bank is the best option to open a savings account for one year. Show the total amounts for each bank to justify your answer. Round your total amounts for each bank to the nearest cent. 2. Decide which bank is the best option to open a savings account for 10 years. Show the total amounts for each bank to justify your answer. Round your total amounts for each bank to the nearest cent. 3.How much more money do you have from saving $4550 in the selected bank after 10 years?

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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Part I: Compound Interest
After several years of saving up all your pennies you have
finally reached a total amount of $4,550 You have decided
to put your money into a savings account.
After an extensive amount of research, you have the
following options to choose from:
• Bank 1 offers a 4.58% annual interest rate compounded
semiannually.
Bank 2 offers a 4.58% annual interest rate compounded
monthly.
• Bank 3 offers a 4.58% annual interest rate compounded
quarterly.
1.Decide which bank is the best option to open a savings
account for one year. Show the total amounts for each bank
to justify your answer. Round your total amounts for each
bank to the nearest cent.
2. Decide which bank is the best option to open a savings
account for 10 years. Show the total amounts for each bank
to justify your answer. Round your total amounts for each
bank to the nearest cent.
3.How much more money do you have from saving $4550
in the selected bank after 10 years?
Transcribed Image Text:Part I: Compound Interest After several years of saving up all your pennies you have finally reached a total amount of $4,550 You have decided to put your money into a savings account. After an extensive amount of research, you have the following options to choose from: • Bank 1 offers a 4.58% annual interest rate compounded semiannually. Bank 2 offers a 4.58% annual interest rate compounded monthly. • Bank 3 offers a 4.58% annual interest rate compounded quarterly. 1.Decide which bank is the best option to open a savings account for one year. Show the total amounts for each bank to justify your answer. Round your total amounts for each bank to the nearest cent. 2. Decide which bank is the best option to open a savings account for 10 years. Show the total amounts for each bank to justify your answer. Round your total amounts for each bank to the nearest cent. 3.How much more money do you have from saving $4550 in the selected bank after 10 years?
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