a) Let's say you invest $10,000 into each account. What is the final amount after 10 years? b) How much interest did you earn from each account? c) Estimate and compare how long it would take to double your $10,000 with each account. Show all your work.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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Account A
Account B
Bank Name
TD Bank
Scotiabank
TD ePremium Savings
Account
MomentumPLUS Savings
Account
Account Name
Annual Interest Rate
0.500%
1.350%
Compounding Interval
Daily
Daily
2.
Use this information to answer the following questions:
a) Let's say you invest $10,000 into each account. What is the final amount after
10 years?
b) How much interest did you earn from each account?
c) Estimate and compare how long it would take to double your $10,000 with
each account. Show all your work.
d) Using the information you collected, would you use either of these savings
accounts long-term? Explain.
e) Write a function for each bank model and compare their 'a' value, base, and
exponent. Does your comparison still support your decision? Explain.
Transcribed Image Text:Details Account A Account B Bank Name TD Bank Scotiabank TD ePremium Savings Account MomentumPLUS Savings Account Account Name Annual Interest Rate 0.500% 1.350% Compounding Interval Daily Daily 2. Use this information to answer the following questions: a) Let's say you invest $10,000 into each account. What is the final amount after 10 years? b) How much interest did you earn from each account? c) Estimate and compare how long it would take to double your $10,000 with each account. Show all your work. d) Using the information you collected, would you use either of these savings accounts long-term? Explain. e) Write a function for each bank model and compare their 'a' value, base, and exponent. Does your comparison still support your decision? Explain.
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