Dylan is concerned about the safety of the money in his savings account. what type of depository institution should he choose

The answer is "He could securely pick either a commercial bank or a credit union, as long as his savings account balance meets the protection necessities".

While banks and credit unions are both money related foundations that offer comparable administrations (checking and investment accounts, automobile advances, and home loans), the fundamental contrast between a bank and a credit association is that "clients" of a credit association are individuals, and they claim the establishment. A bank is an organization, and like most organizations, a bank intends to amplify benefits for its investors. A credit union is an agreeable — and frequently not-for-benefit — establishment that is possessed by its individuals (clients) who justly choose a governing body. Credit associations will in general spotlight on individuals' needs and endeavor to give credit at sensible rates.

5. future balance = monthly contribution x FV annuity factor

in order to determine the FV annuity factor, we must first determine the effective interest rate

1.07 = (1 + r)¹²

¹²√1.07 = ¹²√(1 + r)

1.005654 = 1 + r

r = 0.005654 = 0.5654%

FV annuity factor, 0.5654%, 480 periods = 2,471.42178

future balance = $100 x 2,471.42178 = $247,142.18

6. Pamela contributed 480 x $100 = $48,000

7. Pamela earned $247,142.18 - $48,000 = $199,142.18

8. there is no information about Raul