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Mr. Wright is investing $1 million. He has options with Bank of Munich, Coralbank, and Lone Star Credit Union.
Bank of Munich is willing to pay him an interest rate of 2% on up to $250,000 of his money, and 1.25% on everything beyond that point.
Coralbank is providing him an interest rate of 3% on the first $500,000 he invests with them and 1% on whatever else he invests beyond that point.
Lone Star Credit Union is offering an interest rate of 1.75% on all funds invested with them.
Mr. Wright plans to leave whatever funds he invests in the account for 15 years.
ROUND ALL ANSWERS TO THE NEAREST TEN THOUSAND AND DO NOT USE COMMAS IN YOUR RESPONSE.
How much money should Mr. Wright expect to have after 15 years if he invests all of his funds with Coralbank?
How much money would he have if he invests everything with Bank of Munich for the full 15 years?
If he plans carefully and invests his funds to gain the maximum amount of interest across all three institutions, how much money will he have in each bank after 15 years?
Bank of Munich:
Coralbank:
Lone Star Credit Union:
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