Suppose you have $600 to invest in a savings plan, and you want to compare 4 different ways you could invest the money. Round answers to the nearest cent Method 1: Find the balance after one year if you deposit all the money into an account that pays $2.50 in simple interest each month (this is a simple interest equation where the amount of interest stays the same each month). Method 2: Find the balance after one year if you deposit all the money into an account that pays 5% APR with monthly compounding. Method 3: Suppose if, instead of depositing the $600 all at once, you deposit nothing at the beginning and you divide up the $600 into 12 envelopes each with $50. Find the balance after one year if you deposit one $50 envelope each month, all year, into an account that pays 5% APR with monthly compounding. Method 4: Suppose if, instead of depositing the $600 all at once, you make an initial deposit of $300 into an account that pays 5% APR at the beginning of the year and then you divide up the remaining $300 into 12 envelopes each with $25. Find the balance after one year for the initial deposit of $300, if you also deposit one $25 envelope each month, all year, into the account that pays 5% APR with monthly compounding.
Suppose you have $600 to invest in a savings plan, and you want to compare 4 different ways you could invest the money.
Round answers to the nearest cent
Method 1: Find the balance after one year if you deposit all the money into an account that pays $2.50 in simple interest each month (this is a simple interest equation where the amount of interest stays the same each month).
Method 2: Find the balance after one year if you deposit all the money into an account that pays 5% APR with monthly compounding.
Method 3: Suppose if, instead of depositing the $600 all at once, you deposit nothing at the beginning and you divide up the $600 into 12 envelopes each with $50.
Find the balance after one year if you deposit one $50 envelope each month, all year, into an account that pays 5% APR with monthly compounding.
Method 4: Suppose if, instead of depositing the $600 all at once, you make an initial deposit of $300 into an account that pays 5% APR at the beginning of the year and then you divide up the remaining $300 into 12 envelopes each with $25.
Find the balance after one year for the initial deposit of $300, if you also deposit one $25 envelope each month, all year, into the account that pays 5% APR with monthly compounding.
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