Math Problem Solver

Student will be able to solve word problems involving exponential functions. HOW TO CHOOSE WISELY

Three different banks offer their customers the following interest on savings:

A. Bank A offers 0.50% interest on savings compounded annually for the first five years and 0.6% for the succeeding years;

B. Bank B offers 0.55% interest on savings on the first ten years compounded annually and 0.06% for the succeeding years; and

C. Bank C offers 0.10% interest on savings on the first year, 0.15% on the second year, 0.30% on the third year and so on with a limit on percentage on its tenth year.

1. Based on personal savings from your weekly allowance (535 pesos), which bank will you deposit your savings if you will

a. withdraw all your savings on its 10th year?

b. withdraw all your savings on its 15th year?

c. withdraw all your savings until it reaches P100,000.00 at the earliest possible time?