Math Solutions

[Steps Shown] Take the current amount you have in your checking or savings account (Let’s say $2,000) . Suppose you have a choice of keeping your money for

Question: Take the current amount you have in your checking or savings account (Let’s say $2,000) .  Suppose you have a choice of keeping your money for five years in a savings account with a 2% interest rate, or in a five-year certificate of deposit with and interest rate of 4.5%.  Calculate how much interest you would earn with each option over five years’ time with continuous compounding.


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