After a number of years of saving up all your pennies you have finally reached a total amount of $6,000. 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 7% annual interest rate compounded monthly. • Bank 2 offers a 7% annual interest rate compounded quarterly. • Bank 3 offers a 7% annual interest rate compounded weekly. 1.Decide which bank is the best option to open a savings account for one year. Show all your work to justify your answer. 2. Decide which bank is the best option to open a savings account for 10 years. Show all your work to justify your answer. 3.How much money would you make from saving $6000 in the bank selected after 10 years?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
After a number of years of saving up all your pennies you have finally reached a total amount of $6,000. 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 7% annual interest rate compounded monthly.
• Bank 2 offers a 7% annual interest rate compounded quarterly.
• Bank 3 offers a 7% annual interest rate compounded weekly.
1.Decide which bank is the best option to open a savings account for one year. Show all your work to justify your answer.
2. Decide which bank is the best option to open a savings account for 10 years. Show all your work to justify your answer.
3.How much money would you make from saving $6000 in the bank selected after 10 years?
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