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Savings Investment Assignment | Homework For You

You want to open a saving account and deposit $50, 000 and banks offer the following rates:Homework For You

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(a) Annual rate of 4% compounded monthly.

(b) Annual rate of 4% compounded quarterly.

(c) Annual rate of 3.9% continuously compounded.

(d) Simple interest rate of 4.5% fixed for 5 years. You plan to keep the cash in the bank for a total of 5 years. All rates are fixed for 5 years. Analyzed each offer and choose the best one.

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