Your bank bank of america offered you a savings rate of 003, Financial Management

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Your bank bank of america offered you a savings rate of 003

1. Suppose you have $10,000 in savings that you would like to invest for 2 years. Your bank, Bank of America, offered you a savings rate of 0.03% APR, with the interest accrued based on simple interest rate terms. If you deposit $10,000 into this savings account, how much will you have at the end of 2 years?

2. How many whole years will it take to double a $100 investment and turn it into $200, if the interest rate is compounded annually and you earn 6% per year?

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Financial Management: Your bank bank of america offered you a savings rate of 003

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Financial Management: Your bank bank of america offered you a savings rate of 003

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