Problema Solution
Bank A pays 8% interest compounded querterly; bank B pays 10% compounded semi annually. If $1000 were deposited in each bank, how much money would there be at the end of 5 years in
a. the bank A account
b. the bank B account
c. in which bank would you deposit your money?
Answer provided by our tutors
Bank A pays 8% interest compounded querterly; bank B pays 10% compounded semi annually. If $1000 were deposited in each bank, how much money would there be at the end of 5 years in
a. the bank A account= 1485.95
b. the bank B account= 1628.89
c. in which bank would you deposit your money? bank b