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  • You have $7,500 to invest.
  • Find a current interest rate for each of the following types of bank accounts.
    • Check a few different banks and find the best rate you can find for each
    • In your presentation/report, include the names of the bank(s), the date of the interest rate quote, and preferably a screenshot of the information on their website
      • Checking account
      • Money market account
      • 5-year Certificate of Deposit (CD)
  • Research the characteristics of each type of account. Are there any limitations on withdrawals?
  • Assume each account has interest compounded monthly and will stay constant. Find the total amount you would have in each account and the amount of interest earned after:
    • 1 year
    • 6 years
    • 25 years
    • Hint: Amount of interest  = Total amount – $7,500
  • Present the information above as a chart. Also describe how you did the calculation for the total amount – Did you use the compound interest formula, an online financial calculator (which one), etc.
  • What are the advantages and disadvantages of each type of account?
  • Which account would you choose for yourself, and why?
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