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Compound Interest Algebra 2 Semester 2 Extra Credit Goal: The goal is to use compound interest formulas to investigate and compare savings situations while using your writing skills to clearly communicate the solution. Role: You are the financial consultant for a young couple who are in need of financial advice. abufani Situation: Everyone is looking to ear the most they can on their savings. You have been hired as a financial consultant to help people determine the best options for their savings plans. Utilizing your compound interest skills, you need to convince the young couple of the best option for their savings. Scenario: Mollie and Kyle wish to invest in a no-risk savings account. They currently have $25,000 in an account bearing 5 1/4 % annual interest, compounded continuously. The following options are available to them: Keep the money in the account they currently have Invest the money in an account bearing 5 /8 % annual interest, compounded annually iii. Invest the money in an account bearing 5 1/2 % annual interest, compounded quarterly a) Determine the equation for the value for the investment as a function of time for 6 years for each of the three options. (Calculations) b) The couple is hoping to have $35,000 saved for a down payment on a house within 6 years. Write a brief summary to the couple that describes the implications of these options. (Letter) c) The effective interest rate of a savings plan is the rate of return of an account when you normalize the compounding period (putting each compounding interval: monthly, daily, annually, etc. on equal footing). Find the effective interest rate for the three options listed above using the formulas:Compounded Effective Interest Rate = (1+ 2)nt- 1 Continues Effective Interest Rate = ert - 1 When found, the effective interest rate (EIR) can be used to approximate the final amount in an account using the formula A(t) = P(1+EIR). Check your final amounts for each option using this formula. How can the effective yield be used to decide which option is best? (Calculations) **This is your final extra credit of the year. To receive credit, you need to include ALL of the steps listed above. This is to be typed, except for the calculations. You need to show ALL work for the calculations! Staple the extra credit in the following order: 1. Letter 2. Calculations for each situation (numbered, labeled, and circle your answer). This is to be NICE AND NEAT! men's of sidelisus the zhougo gelegtlot bobnuogmos lemedalloutined babauogmos sebrathi leuninety Ahead Inbeans no ni yanom ed. feavol