Question

I came up with EverBank, the highest interest rates for it's 2 year deposits CDs is 1.47% with a minimum of $1,000, and for the highest investment of 5 year deposits it's interest rate is 2.25% with a minimum of $1,500.
2. Create the functions that represent the 2-year and 5-year CDs with your $5,000 investment. Use these functions to determine the amount you will be paid when the CD matures (the length of time for the specific CD). Show your work.

Ok so I need help with the second part but im not even sure I got the first part correct omg

Answer 1

@imqwerty

Answer 2

uuuuuuhhhhhhh my brain just died... im sorry i dont know what to do :///

Answer 3

You just have to create two functions I think i just don't wanna get it wrong tho

Answer 4

im sorry i just dont know :[

Answer 5

thanks anyways c:

Answer 6

im sorry :[

Answer 7

its fine lol

Answer 8

okay so you've done the part 1 which is research work

now for part 2 we need to make 2 functions which will represent the amount that we will be paid when the CD mature

Answer 9

now to find the amount that we receive we use his formula->
\(\Large A=P(1+rT)\)

here
\(A\) ---> Total Accrued Amount (principal + interest)
\(P\)---> Principal amount [ the amount that we invest]
\(r\) --->Rate of interest per year in decimal form
\(T\)--->Time

Answer 10

okay i'll show the 1st one
we have this- \(\cal\color{blueviolet}{the ~highest ~interest ~rates ~for~ it's~ 2 ~year~ deposits ~CDs~ is~ 1.47\%~ with~ a~ minimum ~of}\)
\(\cal\color{blueviolet}{ $1,000}\)

we have rate=1.47%
1st we gotta convert this rate into decimal form to do that just divide it by 100
so we have-> rate(\(r\)) =\(\large \frac{1.47}{100}\)

and the principal amount[\(P\)] is =\($1000\)

we will keep the time as \(T\) because we are making a function

so now we put all these values in out equation->\(\large A=P(1+rT)\)
we get this-
\(A=1000\left(1+\large\frac{1.47}{100}T \right)\)

so this is our 1st function try to find the other function :)

Answer 11

thankyew

Answer 12

np lol now u have to find the 2nd function

Answer 13

ok so
3. An investor comes to your office. He says that if you give him the $5,000, he will add on an additional $50 each year to what he owes you. Create the function for this investor's plan.

would i use the same thing
A=P(1+rT)?

Answer 14

@imqwerty

Answer 15

@Qwertty123

Answer 16

R = x +50 -5000

R = revenue , money brought it
x = years

Answer 17

the x is the years, 50 each year, and you give away 5000, so you subtract that from the f-n

Answer 18

ohhh ok thanks again c: