help If the rate of interest in Example 2 was 6% instead of 1.2%, how much will the account have after 24months?Answer = $(Round to the nearest penny)%3D A certificate of deposit (CD) is a type of savings account offered by banks, typicallyoffering a higher interest rate in return for a fixed length of time you will leave yourmoney invested. If a bank offers a 24 month CD with an annual interest rate of 1.2%compounded monthly, how much will a $1000 investment grow to over those 24months?First, we must notice that the interest rate is an annual rate, but is compounded monthly,meaning interest is calculated and added to the account monthly.188 Chapter 5To find the monthly interest rate, we divide the annual rate of 1.2% by 12 since thereare 12 months in a year: 1.2%/12 = 0.1%. Each month we will earn 0.1% interest.From this, we can set up an exponential function, with our initial amount of $1000 and agrowth rate ofr=0.001, and our input m measured in months.m.012f (m) = 1000| 1+12f (m) = 1000(1+ 0.001)"After 24 months, the account will have grown to f(24)=1000(1+0.001) = $1024.28%3D

Name: help If the rate of interest in Example 2 was 6% instead of 1.2%, how
Uploaded: 2024-03-05T11:52:21.000Z
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Description: help If the rate of interest in Example 2 was 6% instead of 1.2%, how much will the account have after 24months?Answer = $(Round to the nearest penny)%3D A certificate of deposit (CD) is a type of savings account offered by banks, typicallyoffering a