CPM Homework Banner

Home > CALC > Chapter 5 > Lesson 5.3.2 > Problem 5-124

5-124.
  1. Suppose you deposit $50 in Piggy Bank, which pays 5.5% annual interest. How much money will be in your account: Homework Help ✎
    A piggy bank

    1. After 6 months if the interest is compounded twice a year?

    2. After 1 year if the interest is compounded twice a year?

    3. After 1 year if the interest is compounded monthly?

    4. After 2 years if the interest is compounded monthly?

    5. After 2 years if the interest is compounded daily?

    6. Why was your answer to part (e) larger than your answer to part (d)?

Refer to hint in part (a).

Refer to hint in part (c).

Refer to hint in part (c).

Which Piggy Bank plan would you choose?