Mathematics, 29.04.2021 22:00 Huvch7255

Suppose you receive for graduation a gift of $1,200 from your favorite relative. You are required to invest at least $800 of the gift in a no-withdrawal savings program for at least two years. You have designed two plans to consider. Plan A: First Savings Bank (FSB) pays 6% interest, compounded annually on savings accounts. Employee’s Credit Union (ECU) has options that allow you to choose your interest rate and how often your interest is compounded. 1. Determine how much you would have at the end of 2 years if you decided to invest $1,000 at FSB

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Suppose you receive for graduation a gift of $1,200 from your favorite relative. You are required to...