After several years of saving up all your pennies you have finally reached a total amount of $3,675 You have decided to put your money into a savings account. After an extensive amount of research, you have the following options to choose from: • Bank 1 offers a 2.36% annual interest rate compounded quarterly. • Bank 2 offers a 2.36% annual interest rate compounded annually. ● Bank 3 offers a 2.36% annual interest rate compounded semiannually. 1.Decide which bank is the best option to open a savings account for one year. Show the total amounts for each bank to justify your answer. Round your total amounts for each bank to the nearest cent. 2. Decide which bank is the best option to open a savings account for 12 years. Show the total amounts for each bank to justify your answer. Round your total amounts for each bank to the nearest cent. 3.How much more money do you have from saving $3675 in the selected bank after 12 years?

After several years of saving up all your pennies you have finally reached a total amount of $3,675 You have decided to put your money into a savings account. After an extensive amount of research, you have the following options to choose from: • Bank 1 offers a 2.36% annual interest rate compounded quarterly. • Bank 2 offers a 2.36% annual interest rate compounded annually. ● Bank 3 offers a 2.36% annual interest rate compounded semiannually. 1.Decide which bank is the best option to open a savings account for one year. Show the total amounts for each bank to justify your answer. Round your total amounts for each bank to the nearest cent. 2. Decide which bank is the best option to open a savings account for 12 years. Show the total amounts for each bank to justify your answer. Round your total amounts for each bank to the nearest cent. 3.How much more money do you have from saving $3675 in the selected bank after 12 years?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter7: Exponents And Exponential Functions

Section7.8: Transforming Exponential Expressions

Problem 18PFA

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