1. [5 mark] Shawn is an entrepreneur who just received $1,000 from a business competition....
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1. [5 mark] Shawn is an entrepreneur who just received $1,000 from a business competition. Eager to grow this seed money, he plans to invest it in his bank, which offers varying interest rates and compounding frequencies for the next 3 years. In the first year, the bank offers a 7% annual interest rate, compounded three times a year - aligning with the bank's triannual financial review periods. In the second year, the bank offers a 10% annual simple interest, following their annual profit-sharing policy. In the final year, they offer a 5% interest rate, compounded continuously, a new strategy the bank is experimenting with. Calculate the total balance of Shawn's investment at the end of these 3 years, assuming he makes no further deposits or withdrawals during this period
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1. [5 mark] Shawn is an entrepreneur who just received $1,000 from a business competition. Eager to grow this seed money, he plans to invest it in his bank, which offers varying interest rates and compounding frequencies for the next 3 years. In the first year, the bank offers a 7% annual interest rate, compounded three times a year - aligning with the bank's triannual financial review periods. In the second year, the bank offers a 10% annual simple interest, following their annual profit-sharing policy. In the final year, they offer a 5% interest rate, compounded continuously, a new strategy the bank is experimenting with. Calculate the total balance of Shawn's investment at the end of these 3 years, assuming he makes no further deposits or withdrawals during this period 