The Jacksons Eric and Amy Jackson wish to invest in a no-risk savings account. They currently have $55,000 in an account that has a 4.125% annual interest rate, compounded continuously. They have the following options:
a. keep their money in the account they already have
b. invest the money in an account that has 5% annual interest, compounded annually
c. invest the money in an account that has 4.5% annual interest, compounded quarterly
d. invest the money in an account that has 3.875% annual interest, compounded monthly
Write a function for each option, that represents the amount of money in the account after t years after the account is opened.
a. C(t) keep their money in the account they already have
b. A(t) invest the money in an account that has 5% annual interest, compounded annually
c. Q(t) invest the money in an account that has 4.5% annual interest, compounded quarterly
d. M(t) invest the money in an account that has 3.875% annual interest, compounded monthly