Brie recently finished her Business Program at Northwood Tech and was gifted $10,000 as a graduation gift. Her credit union offers special savings plans for students who finish Math with Business Applications - the details for each savings plan are below:

Plan Name	Interest Rate	Compounding Frequency	Annual Fee*
Michigan Plan	10.1%	Annually	$5
Superior Plan	9 %	Monthly	$20

1. If Brie's money was saved for 1 year, which plan would be the better choice? Show your calculations or your work in Excel and explain your thinking!

1. If Brie's money was saved for 10 years, which plan would be the better choice? Show your calculations or your work in Excel and explain your thinking!

1. On the plan documents, the Superior Plan lists an annual interest rate so that it can be compared to the Michigan Plan. Find the effective annual rate of interest for the Superior Plan (ignoring fees). How does it compare to the Michigan Plan's interest rate? Show your calculations or your work in Excel and explain your thinking!

1. If the Superior plan has a higher effective annual rate than the Michigan plan, why isn't it the best choice after 1 year? Write a sentence to explain.
2. Brie wants to save some of her graduation money for a new car purchase in 5 years. What amount should she invest today so that she has $12,000 in 5 years? Choose the best account for Brie, don't forget about annual fees, and show your calculations or your work in Excel and explain your thinking!