Exponential functions question ! 40 !

$12.06

Step-by-step explanation:

In order to solve this, you must put both interest rates with the initial deposit into the compounded interest equation: A = P (1+r/n)^nt.

Bank of Canada:

P (principle amount deposited) = 4800

r (interest rate) = 2.4% or .024

n (number of terms compouded per year) = 1

t (total number of year) 8

A = 4800 (1+.024)^8

A = $5802.84

TD Bank:

P (principle amount deposited) = 4800

r (interest rate) = 2.4% or .024

n (number of terms compouded per year) = 12

t (total number of year) 8

A = 4800 (1+.024/12)^12*8

A = 5814.90

If you invest with TD over bank of Canada you will receive $12.06 more.

10^6 = (2,930,000), (5,000,000), (4,030,000)

10^-4 = 0.0006, 0.00012