Samir is trying to decide between two checking account plans. after researching plans at two banks, he finds that unity bank offers a monthly compounded interest rate of 0.14%, while sunrise banking offers 1.6% interest compounded annually. which is the better plan? explain.
(show work)

The monthly compounded interest rate of 0.14% of Unity Bank is a better plan.

Step-by-step explanation:

Step 1 : Write the formula for calculating a monthly compound interest rate and for calculating an annually compounded interest rate.

Monthly compound interest rate = P(1+r/n)^nxt

n=12 (number of months in a year)

t=1 (number of years)

Annually compound interest rate = P(1+r/n)^nxt

n=1 (because it is for 1 year only)

t=1 (number of years=1)

Step 2 : Lets assume that P is $100 in both banks and time is 1 year.

Step 3 : Lets substitute the values to find out which one is better.

Monthly compound interest rate = P(1+r/n)^nxt

Monthly compound interest rate = 100(1+0.14/12)^12x1

Monthly compound interest rate = 114.93

114.93 - 100 = $14.93 per month

14.93 x 12 = $179.16 for 12 months or 1 year

Annually compound interest rate = P(1+r/n)^nxt

Annually compound interest rate = 100(1+1.6/1)^1x1

Annually compound interest rate = 260

260-100 = $160 for 1 year

Therefore, the monthly compounded interest rate of 0.14% of Unity Bank is a better plan.

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step-by-step explanation:

two pairs of adjacent sides are of equal length. this implies that one diagonal divides the kite into congruent triangles, and so the angles between the two pairs of equal sides are equal in measure. it also implies that the diagonals are perpendicular.