Dianna received an amount of 67,000 as a gift from her parents during her 18th She would like to invest her money in the bank until she becomes 25. The bank offers two options for her money to earn interest: a) given a rate of 8% annually or b) given a rate of 2% compounded monthly. Solve both a and b, and justify which of the two is better.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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'''Dianna received an amount of 67,000 as a gift from her parents during her 18th She would like to invest her money in the bank until she becomes 25. The bank offers two options for her money to earn interest: a) given a rate of 8% annually or b) given a rate of 2% compounded monthly. Solve both a and b, and justify which of the two is better.

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