regarding compound interest with attention to the following formulas:
A = P(1+ r/n)nt
and
A = Pert
Not too long ago, it was possible to find a one-year Certificate of Deposit (CD) that would pay 5.50% interest compounded daily. The CD interest rates available today have changed.
Create a new discussion thread, including the following information:
- Assume that you have x dollars saved (you choose a specific dollar amount) and would like to purchase a used car in two years.
- Calculate the interest earned over the two-year span on your chosen dollar amount at the 5.50% interest rate, compounded daily, for a one year CD. Show your work.
- Calculate how much you will have saved with this account in two years. Show your work.
- Investigate bank interest rates available in your area for a one year CD.
- Calculate how much money you will have in two years if the interest is compounded monthly or continuously. Show your work.
- How did the change in rates affect your purchasing power?
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