Asked by sim
A.) start by calculating how long it will take you to save enough money and pay cash with your potential $300.00/month savings, taking into account the $1000.00 you have already saved.
B.)Now imagine you have invested your original $1000.00 savings.
I.) calculate how much the investment would be worth if you invested it at a simple interest rate of 0.75% per annum for the length of time that you calculated above.
II.) calculate how much the investment would be worth if you invested it at a compound interest rate at 0.75% per annum, compounded monthly, for the same length of time that you calculated above.
C.) by how much does the time taken to save enough cash change with your $1000.00 invested in one of these accounts.
B.)Now imagine you have invested your original $1000.00 savings.
I.) calculate how much the investment would be worth if you invested it at a simple interest rate of 0.75% per annum for the length of time that you calculated above.
II.) calculate how much the investment would be worth if you invested it at a compound interest rate at 0.75% per annum, compounded monthly, for the same length of time that you calculated above.
C.) by how much does the time taken to save enough cash change with your $1000.00 invested in one of these accounts.
Answers
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.