Formulas:$|$

$A=P(1+rt),A=P(1+\frac{r}{m}{)}^{mt},A=P{e}^{rt},$APY$=(1+\frac{r}{m}{)}^m-1$

APY$=e^r-1,FV=PMT\frac{(1+i{)}^n-1}{i},PV=PMT\frac{1-(1+i{)}^{-n}}{i}$

Bank $of$ America offers $aCD$ that earns $an$ annual interest rate $of5\mathrm{.}0\%$ compounded continuously.

Fifth Third Band offers a similar $CD$ that earns $an$ annual interest rate $of5\mathrm{.}2\%$ compounded weekly.

Which bank's $CD$ will earn more interest $in$ a year? Compare using APY.

How long will $it$ take for your money $to$ double $if$ you invest $inan$ IRA that pays $8\%$ annual interest

compounded continuously?

Suppose that Cara establishes a retirement account where she deposits $$400$ every month and

earns $6\%$ APR compounded monthly. How much will $bein$ the retirement account after $10$ years?

Jeff has $$18,000in$ student loan debt that $he$ needs $to$ pay back $in$ monthly payments over $20$ years.

$If$ the annual interest rate $on$ the student loans $is3\%$ compounded monthly, what will $be$ Jeff's

monthly payment?

How much total interest will Jeff pay $on$ his student loan debt over the entire $20$ years?