Question
2. Assume upon graduation from high school you received a total of $50,000 from your generous relatives as a gift. It has been sitting in
2. Assume upon graduation from high school you received a total of $50,000 from your generous relatives as a gift. It has been sitting in your checking account not earning much interest. a) Use the Internet to find at least 3 banks that are federally insured and find the best annual interest rate for your investment of $50,000. Make a snapshot or picture of the interest rates you researched and the name of the banks and decide on the best interest rate and then upload the picture(s) of all three rates and bank names to Canvas. Name your file: The interest rate on 50K investment b) What would the future value of your investment be after 4 years using the interest rate you found in part an of question 2? What about after 6 years? What about after 10 years? Also, assume you will not add any other amount to the account and will not withdraw from the account during the investment period. c) Now assume you are able to add $200 at the end of each month to your investment for the next 4 years. What would be the future value of your investment at the end of the four years using the interest rate in part (a) of question 2?
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