On July 1, 2001, a savings account has $1000. This account earns interest at an annual rate of 4.5% compounded continuously. A competing bank is attempting to attract new customers by offering to add $25 immediately to any new account opened with a minimum $1000 deposit, and the new account would earn interest at the annual rate of 4.5% compounded semiannually. To choose one of the following three options on July 1, 2001, find the accum (a) Leave the money at the first bank. The accumulated amount is $ (b) Move the money to the competing bank. (c) Leave half the money at the first bank and move the other half to the competing bank.

On July 1, 2001, a savings account has $1000. This account earns interest at an annual rate of 4.5% compounded continuously. A competing bank is attempting to attract new customers by offering to add $25 immediately to any new account opened with a minimum $1000 deposit, and the new account would earn interest at the annual rate of 4.5% compounded semiannually. To choose one of the following three options on July 1, 2001, find the accum (a) Leave the money at the first bank. The accumulated amount is $ (b) Move the money to the competing bank. (c) Leave half the money at the first bank and move the other half to the competing bank.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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