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How much is the total cash value for both package

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Problem - Ella is choosing between two packages of investments from May Bank:

Package 1 offers Ella to invest 62,092.13 to their bank for 5 years and they will impose 10% to her investment. After that, she. gets the total cash value after the 5 years.

Package 2 offers Ella to invest 45,234.92 to their bank for 7 years and they they will impose 12% to her investment. After that, she gets the total cash value after 7 years.

Required -

1: How much is the total cash value for both package at the end of the stipulated periods?

2: If you were Ella, which package would you choose?

3: If you were May Bank, what part of Package 2 will you change so that it becomes better than Package 1?

Reference no: EM132884496

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