We now have a new question. You are considering going to grad school and therefore won’t need the money as soon as you thought. You instead would like to treat yourself after grad school to a new car that would cost about $40,000. So, now you are more interested in learning how long it would take for your $20,000 investment to double in value. You are planning to open a savings account after you slipped in a local Walmart. After an arduous legal battle, you were awarded $20,000 as a legal settlement that you plan to just sit in a savings account until you need it after you finish college in 4 years. The local banks are currently offering a few different (purely fictional) savings accounts as follows: Wesbanco is offering an account with 8.8% annual interest Huntington is offering an account with 8.6% quarterly interest PNC is offering an account with 8.5% monthly interest Chase is offering an account with 8.4% daily interest (n=365) For the options above, find the time it takes for the $20,000 investment to double. Decide which option is the WORST. (you must show your work to receive credit)
-
We now have a new question. You are considering going to grad school and therefore won’t need the money as soon as you thought. You instead would like to treat yourself after grad school to a new car that would cost about $40,000. So, now you are more interested in learning how long it would take for your $20,000 investment to double in value.
For the options above, find the time it takes for the $20,000 investment to double. Decide which option is the WORST. (you must show your work to receive credit)You are planning to open a savings account after you slipped in a local Walmart. After an arduous legal battle, you were awarded $20,000 as a legal settlement that you plan to just sit in a savings account until you need it after you finish college in 4 years.
The local banks are currently offering a few different (purely fictional) savings accounts as follows:
-
Wesbanco is offering an account with 8.8% annual interest
-
Huntington is offering an account with 8.6% quarterly interest
-
PNC is offering an account with 8.5% monthly interest
-
Chase is offering an account with 8.4% daily interest (n=365)
-
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
