Anthony has inherited $10,000 and decides to invest it. He has found several different options at local banks, and now needs to see which one will earn him the most on his investment. Option 1: 8% annually Option 2: 5.5% quarterly Option 3: 6%, continuously
a. How much will he have in the account after 5 years if he chooses the first option? b. How much will he have in the account after 5 years if he chooses the second option? c. How much will he have in the account after 5 years if he chooses the third option? d. Use your calculations for parts A-C to determine which is the best option for Anthony. Explain your choice.
e. How long will it take for his investment to triple in value with the option you chose? Write your answer in terms of years and months.