Question

F(x) = 500(0.5000)x

I was told this equals 1750, please explain?
Question below

You and some friends have started your own company. After the first few months, the profits are rolling in. It is time to start thinking about putting your money to work for you. You decide that investing $5,000 into some Certificates of Deposit (CDs) would be a beneficial move.

With a CD, you lend your money to a third party, and after a set time, your money is paid back with interest. Before you start investing the company's money this way, you need to pitch it to your friends.

For this project,

Answer 1

Research the highest interest rate (APY—annual percent yield) for 2-year and 5-year CDs. Document the company's name, interest rate, and minimum investment. The minimum investment must be less than or equal to $5,000.

Answer 2

@mathmale @mathmate @phi

Answer 3

Here are my answers.

1. The highest interest rate (APY) for the 2 year CD from Tropical Financial Credit Union is .5000%, and the minimum amount of money that you can invest is $500.
The highest interest rate (APY) for the 5 year CD from Tropical Financial Credit Union is 1.2500%, and requires a minimum investment of $500.


2. The 2 year CD – F(x) = 500(0.5000)x This equals $1750
The 5 year CD - F(x) = 500(1.2500)x This equals 1525.88

Answer 4

@Cosmichaotic

Answer 5

@satellite73

Answer 6

@IMStuck

Answer 7

@satellite73