Question
Mr. and Mrs. Nguyen have decided to put some money aside for taking their children to Disney World in 4 years time. They explored the
Mr. and Mrs. Nguyen have decided to put some money aside for taking their children to Disney World in 4 years time. They explored the website and decided to use the National Australia Bank for the term deposit. Suppose they intend to deposit $45 000 for 4 years, and found that the bank offers 4 alternatives, each with different interest rates and compounding periods. Using this information, calculate how much has their money grown and what interest was earned in each of the 4 alternatives? Write at least a 100-word report on this investigation, including the 4 different alternatives and justify which alternative should Mr. and Mrs. Chan choose.
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