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Mathematics, 11.05.2021 05:10 marquetter7689
Two different banks, Bank A and Bank B, offer accounts with exactly the same annual interest rate of 6.85%. However, the account from Bank A has interest compounded monthly, whereas the account from Bank B compounds interest continuously. To decide which bank to open an account with, you calculate the amount of interest you would earn after three years from an initial deposit of $5000 in each bank’s account. How much interest would you earn from each account? Which bank’s account earns more – and how much more?
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Two different banks, Bank A and Bank B, offer accounts with exactly the same annual interest rate of...
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