The winning tribe is given the prize of one million dollars. After the show, the producers inform the winning team that they will not receive the prize money for another 3 years, but can choose one of two options in receiving their winnings. Option 1: $1,000,000 invested in a simple interest account that earns 3.2% annually. Option 2: $1,000,000 invested at a yearly interest rate of 2.8% compounded monthly. What is the best option for the winning team to choose in order to receive the most money after 3 years? The best option is: Option 1 / Option 2 (circle one)
The winning tribe is given the prize of one million dollars. After the show, the producers inform the winning team that they will not receive the prize money for another 3 years, but can choose one of two options in receiving their winnings. Option 1: $1,000,000 invested in a simple interest account that earns 3.2% annually. Option 2: $1,000,000 invested at a yearly interest rate of 2.8% compounded monthly. What is the best option for the winning team to choose in order to receive the most money after 3 years? The best option is: Option 1 / Option 2 (circle one)
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Transcribed Image Text:The winning tribe is given the prize of one million dollars. After the show, the producers inform
the winning team that they will not receive the prize money for another 3 years, but can choose
one of two options in receiving their winnings.
Option 1: $1,000,000 invested in a simple interest account that earns 3.2% annually.
Option 2: $1,000,000 invested at a yearly interest rate of 2.8% compounded monthly.
What is the best option for the winning team to choose in order to receive the most
money after 3 years?
The best option is: Option 1 / Option 2
(circle one)
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