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Math 115 Investment Project
I mostly need help with the charts and investment patterns. Any help would be greatly appreciated!
Investment Rates Handout #1: Annual Investment Rates Szczapstefanowski Algebra and Trigonometry-Business and Finance (MAT?5) Alex has $1,000 to invest and has gone to different banks to check investment options. He decides to invest in a one-year CD account, which he plans to renew if he does not need the money to cover his expenses. He wants to make a careful decision in order to earn the most money. However, ot this point, he does not understand which offer is best for him. To understand the process of how diferent banks calculate a balance on CD accounts, he decides to use math. Part 1: Annual Investment Rates (Homework 1) Write definitions of the following vocabulary words, either from a dictionary or in your own words: Deposit Withdrawa Balance Annual Semiannual Bank offers a 5.0 % annual rate on a one-year CD account Alex has $1,000 to invest. The Penny compounded annually. Use the following formula to calculate interest compounded annually: Interest- (Invested Amount)(Annual Interest Rate) Assume Alex does not make any deposits or withdrawals. 1. Answer the questions below. Include all the mathematical steps you take in order to arrive at your answers. a) How much interest will he earn after one year when his CD account matures? b) What will Alexs account balance be after the first year? c) What will Alexs opening balance be for the second year? 2. Complete the table below, showing the growth of Alexs investment over the first 5 years
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