document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=466641>Question 466641</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I need help with this question please..<BR>\n" );
document.write( "Warwick wins $2800 and decides to start a savings fund to buy a car.He researches two banks to find the best investment deal.He finds the following information:<BR>\n" );
document.write( "Trust Me Credit Union 7.4% pa.(nominal)compounded monthly<BR>\n" );
document.write( "No Frills Bank  7.5% (nominal) compounded half yearly<BR>\n" );
document.write( "a.) By calculating the effective interest rate(algebraically),decide which bank gives a better deal.<BR>\n" );
document.write( "b.) If he decided to save with the No Frills Bank,approximately how long would it take for his money to double?(use the rule of 70)<BR>\n" );
document.write( "c.) Check your answer to part b) using a more exact method.<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #320074 by </B><A HREF=/tutors/aboutme.mpl?userid=rfer><B>rfer(16322)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=rfer><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=320074\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A=2800(1+0.074/12)^12<BR>\n" );
document.write( "A=2800(1.00617)^12<BR>\n" );
document.write( "A=2800*1.0766<BR>\n" );
document.write( "A=3014.48<BR>\n" );
document.write( "-------------------<BR>\n" );
document.write( "A=2800(1+0.075/2)^2<BR>\n" );
document.write( "A=2800(1.0375)^2<BR>\n" );
document.write( "A=2800*1.0764<BR>\n" );
document.write( "A=1313.92<BR>\n" );
document.write( "--------------<BR>\n" );
document.write( "9.33 yrs<BR>\n" );
document.write( "------------<BR>\n" );
document.write( "You do last part </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );