Jai recently inherited $92 000. He decides to invest it for 10 years before he spends any of it. The three banks in his town offer the following terms: Bank A: 5 1/2% p.a. compounded yearly. Bank B: 5 1/4% p.a. compounded quarterly. Bank C: 5% p.a. compounded monthly. Which bank offers Jai the greatest interest in his inheritance?
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.
1.) Jai recently inherited $92 000. He decides to invest it for 10 years before he spends any of it. The three banks in his town offer the following terms:
Bank A: 5 1/2% p.a. compounded yearly.
Bank B: 5 1/4% p.a. compounded quarterly.
Bank C: 5% p.a. compounded monthly.
Which bank offers Jai the greatest interest in his inheritance?
2.) What initial investment is required to produce a maturing amount of $15 000 in 60 months ' time given a guaranteed fixed interest rate of 5.5% p.a. compounded annually? Round your answer up to the next dollar.
3.) What inital investment will yield 4 000 000 in 8 years' time if your money can be invested at 3.6% p.a. compounded annually?
(deals with sequences and series)
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