(i) Eight thousand dollars has to be invested for 10 years

(i) Eight thousand dollars has to be invested for 10 years. For each option below, calculate the balance at the end of that time? (a) Option 1: A bank savings account at 7% interest, compounded quarterly. (b) Option 2: A credit union drawing at 6.5% interest compounded monthly. (c) Option 3: A mutual fund 6% annual interest, compounded daily (ii) The value V of a Porsche 718 Cayman that is t years old can be modeled by V(t) = 420,000(0.965)t (a) What would be worth the car′s worth in 2 years? (b) I how may years will the car be worth $325,000?

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