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explore how investments can grow in a savings account, using the continuous compounding formula. choose a bank and address the following questions...
explore how investments can grow in a savings account, using the continuous compounding formula. choose a bank and address the following questions and explain
1. What is the interest rate offered on a basic savings account at the bank? What is the name of the bank?.
2. Assume money is deposited deposit into a savings account. Typically how much will be deposited (this is theoretical amount, but please be realistic!)
3. Using the formula A = Pert, how much will the deposit grow to in 1 year, assuming its not touched? In 5 years? In 10 years?
4. How many years will it take for the money to double?
5. Repeat the same questions for a "high yield" savings account at the bank. What is the interest rate of the high yield account?
6. Are the results dramatically different for the basic account vs. the high yield account? Were the results surprising?
