Name: Date: MAT 1460- Homework Section 5.2 Support your answer by showing your work. 1. Austin's grandparents wish to create a 2. Jennifer has a balance of $1500 on her credit savings account paying 4.8% annual interest card that she is unable to pay for a 30 days. compounded monthly on the day of his birth. Assuming that the credit card company How much money would they need to charges an annual interest rate of 19.95% deposit now so that there would be $10,000 compounded daily, what is the amount of in the account on his 18th birthday? Round interest that she will be charged? Assumed a your answer to the nearest dollar. 360-day year and round your answer to the nearest cent. 3. How long would you need to leave $100 in a 4. Marisa find two accounts offering the savings account paying 2.4% annual interest following interest rates: Country Bank at compounded monthly so that there would be 4.85% compounded quarterly and Pool Bank $1,000,000 in the account? Round your at 4.825% compounded monthly. Find the answer to the nearest month. effective rate (APY) for each account and determine which has the higher effective rate