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Assist for a better understanding and process in detail for solution of questions below: Jenn
Assist for a better understanding and process in detail for solution of questions below:
Jenn
is looking to set up a savings account for an investment. She has $15,000 to invest and have found (2) options for the investment that she is seeking.
I. A bank account that pays 3.25% interest compounded semi-annually.
II. A bank account that pays 3% interest compounded monthly.
a. Which option will result in the largest future value of the investment at the end of (10) years if she invest $15,000 without adding any additional funds to the account?
b. Which option will result in the largest amount of interest at the end of (10) years if she invest $10,000 without adding any additional funds to that account?
