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9. 1-/1 Points DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Assume the desired accumulated amount 5770,000 after 25 years invested in an account with 15% interest compounded continuously. Use the present value formule for cool compoundet terest to determine the amount to be invested now, or the present value needed The amount eded is 10. 19/14 Points) DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Assume you have $200 to invest with the different banks shown be your projected account amounts Casing na deposits and no withdrawals are shown for the first 2 years of savings. As the bank offer an interest rate of 0.01, The banks have different frequencies of compounding The AP is a more for description of the truere per year because it takes the frequency of compounding into account Calculate the Apy for Banks A, B, C, D, E, and 2 and decide which bank is best to deposit your money with Round each percent to three decimal places of a percent o 0.5 1 2 Bank Bank Bank Bank Bank 2 2 5200 $204.0000 $20.0200 5204.0301 $204.0352 $204.0403 $201.9901 5202.0000 $202.0050 5202.0075 $202.0100 O $200 $200 5200 5200 5200 $200 APY 0 05 1 APR Time Bank 5200 Which bank would be best to save your money with Bank 2 What is the highest Apy that is possible meth r=0.012 11. 10/1 Points) DETAILS PREVIOUS ANSWERS ASK YOUR TEACHER PRACTICE ANOTHER MY NOTES "Semiannual interest is compounded twice per year "Quarterly interest is compounded times per year "Monthly interest is compounded 12 times per year. *Weekly interest is compounded 52 times per year Daily interest, by the banker's rule." for simplicity's sistemeded 360 times per year. Assume $15900 is to be invested for 7 years compounded out What interest rate would be necessary famount of $31000 escupected at the end of 7 years? Assume the stal principal $15900 (Round to the nearest tenth of a percent) HINT: You should use the equation A=P[i+lug in the given and then attempt to solve for the variable in order to undo an exponent of 28 being applied to the rise both sides of the equation to the power of 128 According to esponent rules, this is how you would concept of 28 An interest rate of 9 xwould be