This is for ELEMENTARY DISCRETE MATHEMATICS

You may use a calculator for all questions on this exam. However, you must show work (lled out formulas, some work to get your nal answer before using a calculator, etc.) for credit. Please round to the nearest cent for nal answers. Here are the four main formulas for the chapter: NA. .. NI; 1+ E PN=R,(1+rt) PN =19U (1+3 PN=d l% I I Jefferson and Rio Morales are trying to decide on an account to help save for college for their newborn son Miles. Forest Hills Bank is offering a college savings account that has a. promotional 2% interest compounded monthly for any deposits made in the next month. If they deposit $15,000 right now% then how much will he in the account in 18 years? 2. Miles' uncle Aaron Davis (Jefferson's brother) is out on the prowl one night and sees an ad for another bank offering a special college savings account, which he tells Jefferson and Rio about. If you commit to deposits of $100 a. month for 18 years, then they are offering a. guaranteed rate of 3.5% interest compounded monthly. How much would they have at the end of 18 years with this account? ls this a better option than the account in the rst question? \\Vhy or why not