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MAT137: Compound Interest Project Goal: The goal is to use compound Interest formula to investigate and compare savings situations while using your writing skills to clearly communicate the solution, Situation: Everyone is looking to earn the most they can on their savings. You have been hired as a financial consultant to help people determine the best options for their savings plans. Utilizing your compound interest skills, you need to convince the young couple of the best option for their savings. Scenario: James and Patricia Brown wish to invest in a no-risk savings account. They currently have $25,000 in account A, which pays 5.74% interest, compounded monthly. The following options are available to them: i. keep the money in Account A (the current account): 48,844.05 after one year at 5.74% interest compounded each month. ii. invest the money in Account B, which pays 5.78% interest, compounded annually: $26,437.50 compounded annually invest the money in Account C bearing 5.75% interest, compounded quarterly: $26,468.79 quarterly a. Determine the equation for the value for the investment as a function of time for each of the three options. b. The couple is hoping to have $35.000 saved for a down payment on a house within six years. Write a brief summary to the couple that describes their available options. c. Your submission should include but not limited to: 1. Calculations for each situation 2. Your recommendation and justification

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