Math $10-$ Finance Assignment

Complete the following questions. You may talk to classmates about the problems, but you may not copy one another's work. Show all your work, including the formulas being used and all the calculations being made. It is expected that you hand in a good copy of the assignment, it should be neat, complete in order, there should not be work crossed out on it$.$

For this question you will assume you have $$10000$ to invest. What will you do$?$

Contact a local bank or credit union

What is the best rate of interest you might receive on an investment of $$10000?$ These choices might include bonds, savings accounts, and Guaranteed Investment Certificates.

Report your findings by indicating out the following information $($cite where the information is from$).$

Name of Bank or Credit Union, Type of Investment, Best Interest Rate, Interest Period, Term of Investment

i$.$ Assume you can invest at the best rate of simple interest for five years. Use the simple interest formula, $I=Prt,$ and $A=P+$I to determine the sum $($interest and principal$)$ you would have at the end nf five voare

ii$.$ Assume you can invest at the best rate of compound interest for five years. Use the compound$-$interest formula, $A=P(1+\frac{r}{n}{)}^{nt},$ to determine the sum $($interest and principal$)$ you would have at the end of five years.