subject
Mathematics, 11.06.2021 19:30 miguelperdomo

Investment account at Bank of America: This Investment account is mostly straight forward. Bank of America takes your money and compounds interest yearly at a rate of 4%. However, every year Bank of America charges $100 to use their service.

Investment account at Chase Bank:
This Investment account is a bit more involved.
Chase Bank take your money and calculate interest using the following
equation: y = a : 1.06+ where the x is years and the y is thousands of dollars and a is the starting amount. However,
Chase Bank has a scaling charge. After the first year, they charge y = log3 x where the x is years and the y is thousands
of dollars.

1. Answer the following questions while ignoring Bank of America's $100 charge. For each question, show your work and explain your

a. Write an equation for Bank of America's investment account.

b. Find the inverse of this equation.

c. Which bank account is the best 20-year investment?

d. Which bank account is the best 30-year investment?

e. Let's say our initial investment was in the year 2020. Around what year would the two bank accounts give the same amount of money?

ansver
Answers: 3

Other questions on the subject: Mathematics

image
Mathematics, 21.06.2019 15:00, Bgreene2377
Given the choice between receiving $1.000.000 in one month or a single penny-doubled everyday for the period of one month; which option would you choice? show your work to support your answer. (assume that 1 month=30 days)
Answers: 1
image
Mathematics, 21.06.2019 16:20, lejeanjamespete1
Which math sentence can be used to determine if the triangle is a right triangle?
Answers: 1
image
Mathematics, 21.06.2019 20:30, neariah24
Aswimming pool had 2.5 million liters of water in it. some water evaporated, and then the pool only had 22 million liters of water in it. what percent of the water evaporated?
Answers: 2
image
Mathematics, 21.06.2019 21:30, kay4173
Suppose y varies directly with x. write a direct variation equation that relates x and y. then find the value of y when x=12 y=7 when x=3
Answers: 1
You know the right answer?
Investment account at Bank of America: This Investment account is mostly straight forward. Bank of...

Questions in other subjects:

Konu
Mathematics, 04.12.2021 23:50