Question

Brianna wants to save the $250 she earned by babysitting over the summer. She's trying to decide which

account would be best for her. All of the accounts she's considering offer different interest rates that are
different intervals. Brianna knows that if interest is compounded more often, she'll earn more money. Hov"
interest rates are different, she'll need to manipulate them to reflect the same compounding frequency be
compare the accounts.
• Account 1: Interest is compounded yearly at a rate of 3.5%.
• Account 2: Interest is compounded monthly at a rate of 3.475%.
• Account 3: Interest is compounded weekly at a rate of 3.45%.
• Account 4: Interest is compounded daily at a rate of 3.425%.
Part A
Complete the table to show the number of times per year that account 3 compounds interest. Then, use th
write the exponential expression that models the amount of money Brianna would have for account 3 afte
math process used to write the exponential expression for account 4 has been modeled for you:
Account 4:1 = 0.03425, and n = 365 because the interest is compounded daily.
Because 5250 is the initial deposit, P 250,
Therefore, this is the expression
P25011003425 500.0000238)
HE

Answer 1

Account number: 3

Number of times interest is compounded per year: 52

Expression for the amount of money after t years: 250(1.0006635)^52t

Explanation:

3 / 52 / 250(1.0006635)^52t

Answer 2

Total cost = Cost per month × 12 months per year × Number of years

= $21 × 12 × 8

= $2,016

Explanation: