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What would the one-year rate have to be to yield

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Question - Manuel wants to invest an inheritance of $22,000 for one year. His credit union offers 3.62% for a one-year term or 3.57% for a six-month term.

(a) How much will Manuel have after one year if he invests at the one-year rate?

(b) How much will Manuel have after one year if he invested for six months at a time at 3.57% each time?

(c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part (b)?

Reference no: EM133081517

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