07 Jan 4. The Happy Savings Bank
Interest (graded)
1. You invest $5,800 over a period of 30 months at 5 1/4% simple interest. What is the total value of your investment at the end of the 30 month period?
2. Mary deposits $15,000 into a savings account that pays 3.75% interest compounded daily. What will the balance be after five years?
3. Suppose Mary needs $32,000 in five years for a new car. If her account pays 3.75% interest compounded daily, how much must she deposit today to have the money for the car? What is the term used for this value?
4. The Happy Savings Bank offers a nominal interest rate of 6% compounded quarterly, whereas the People’s Credit Union offers a nominal interest rate of 6.2% compounded semi annually. Suppose you want to open a new bank account and you have narrowed your choices to one of these institutions.
1. What is the Effective Interest Rate for Happy Savings Bank?
2. What is the Effective Interest Rate for People’s Credit Union?
3. Where should you open your account?
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