UNIT 1: MONEY $ MONEY $ MONEY
What is the cost of Jerry’s method of savings vs. Dee’s if the account they are depositing the money in has an APY of 5.4%? $8,000/12 = $666.66 at the end of one year, they would have accumulated $8,200.92.63 at 5.4. What if they would deposit $666.66 monthly into the savings account that pays 3% interest compounded monthly? ................
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