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1. [3 points] You've just accepted your first full time engineering job, which comes with a $5,000 signing bonus. You would like to invest this
1. [3 points] You've just accepted your first full time engineering job, which comes with a $5,000 signing bonus. You would like to invest this money so that you can someday use it for a down payment on your first home. You will invest the full $5,000 in whichever account you choose today and then will deposit $500 per month thereafter. You have identified a few different savings opportunities. You plan to buy your first house in 4 years and want to select the savings option that will provide you with the greatest down payment. Compare the following two options, determining how much you will have saved for each, and select the best option for your needs. Option A: New Horizon Savings and Loan savings account with 2.25% interest compounded continuously. Option B: Genesis Financial savings account with 2.275% interest compounded weekly. 1. [3 points] You've just accepted your first full time engineering job, which comes with a $5,000 signing bonus. You would like to invest this money so that you can someday use it for a down payment on your first home. You will invest the full $5,000 in whichever account you choose today and then will deposit $500 per month thereafter. You have identified a few different savings opportunities. You plan to buy your first house in 4 years and want to select the savings option that will provide you with the greatest down payment. Compare the following two options, determining how much you will have saved for each, and select the best option for your needs. Option A: New Horizon Savings and Loan savings account with 2.25% interest compounded continuously. Option B: Genesis Financial savings account with 2.275% interest compounded weekly
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