problem1. You have $6,500 to deposit. Regency Bank provides 15 percent per year compounded monthly (1.25 percent per month), while King Bank provides 15 percent however will only compound annually.
Required:
How much will your investment be worth in 18 years at each and every bank? (Enter rounded answers as directed, but don’t use rounded numbers in intermediate computations).
problem2. You suppose to receive $38,000 at graduation in two years. You plan on investing it at 9.75 percent till you have $173,000.
Required:
How long will you wait from now? (Enter rounded answer as directed, but don’t use rounded numbers in intermediate computations).