Question
You want to save $100,000 for a down payment on your first house. You have two options to invest your money. Number 1 Bank offers
You want to save $100,000 for a down payment on your first house. You have two options to invest your money. Number 1 Bank offers a rate of 3.4%, compounded quarterly and Savers Credit Union offers the same rate but compounded monthly. If you want to accomplish this goal in eight years, (9pts) a. Setup on the formula that could be used to determine how much money you need to put into the Number 1 Bank. b. Setup on the formula that could be used to determine how much money you need to put into SaversCredit Union. c. Which of these banks would require you to put less money down? Explain.
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