period of years. A = P { 1 + } mt m number of compounding periods, and t is the number of years. 1/2} where P is principal; A is amount, r is the annual rate, m is the Instructions Part A (20 points) Using this formula determine the amount (A) of money that you will have in the bank for each of the two scenarios below: P(Principal) r (annual rate) How often compounded M (number of compounding periods) t (number of years A (amount) $5000 2% monthly 12 3 years $5000 5% monthly 12 5 years Based on your data, explain whether you believe it is worthwhile to have your money "locked up" for an additional two years in order to receive the higher interest rate.