Question
a) When creating a graph, if an exponential curve resulted, would you be graphing a simple or compound interest scenario? b) Margaret would like to
a) When creating a graph, if an exponential curve resulted, would you be graphing a simple or compound interest scenario?
b) Margaret would like to save up for a snowboard that costs $520. How much would she have to invest now in an investment account earning 6.5% compounded semiannually, if she would like to purchase the snowboard 1 year from now? (3 marks)
c) David is 50 years old and would like to retire at age 65 with $2,500,000. What amount would he need to place in an investment account earning 11% interest compounded quarterly in order to reach his retirement goal?
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