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Jim places $1000 in a bank account that pays 5.6% compounded continuously. After 1 year, will he have enough money to buy a computer system that costs $1060? If another bank will pay Jim 5.9% compounded monthly, is this a better deal?

Respond to each of the following questions/statements with detail and in complete sentences. You may type your responses, consider using the equation editor if available to you, or print and handwrite and upload your responses.

3- What will you do to solve the problem(s)? What tools or resources can help you solve the problem(s)? Calculator,

4- Where have you seen a similar problem from your assignments/textbook? Identify the Chapter, section, page number or problem from the homework or exercise section of the book. This will help you know where you can find sample problems like this.

5- Write a similar problem of your own. Do not solve.

6- Verifying your answer is reasonable is important. What is a reasonable answer that you would expect to discover? Without solving, explain why this might be a possible answer.

7- What would be an unreasonable answer? Without solving, explain why this would not be a possible answer.

8- Solve the problem. Show all your steps. Include the formula(s) used. Be neat and clear.