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Manuel wants to invest an inheritance of $ 2 0 , 0 0 0 for one year. His credit union offers 5 . 1 3

Manuel wants to invest an inheritance of $20,000 for one year. His credit union offers 5.13% for a one-year term or
5.08% for a six-month term.
(a) How much will Manuel have after one year if he invests at the one-year rate?
(b) How much will Manuel have after one year if he invested for six months at a time at 5.08% each time?
(c) What would the one-year rate have to be to yield the same amount of interest as the investment described in
part (b)?
(a) After one year, Manuel will have $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places
as needed.)
(b) One year after the initial investment, Manuel will have $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places
as needed.)
(c) The one-year rate to yield the same amount of interest as the investment described in part (b) is %.
(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places
as needed.)
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