Question

10 You have $20000 to invest for one year. You put it in the following bank
account:
Flexible Saver': 1.5% interest APR
Interest calculated monthly (1.c. 15% of balance cach month).
Interest paid annually, into a separate account.
No limits on withdrawals or balance.
Your bank then informs you of a new savings account, which you are
allowed to open as well as the Flexible Saver,
'Regular Saver': 5% interest APR
Interest calculated monthly (i.e.5% each month).
Interest paid annually, into a separate account.
Maximum $1000 balance increase per month.
6) Assuming you initially have your money in the Flexible Saver,
but transfer as much as you can into a Regular Saver each month,
calculate how much extra money you will earn, compared to what
would happen if you just left it in the Flexible Saver all
year.
(ii) Generalise your result - given an investment of I (in thousands of
dollars), and a time of n months - what interest will you earn?
(Assume n < 1, or you'll run out of funds to transfer.)​

Answer 1

Answer:

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Step-by-step explanation:

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