Mathematics, 23.06.2021 01:20 Thunderalesis7855
Two banks are running promotions on savings accounts in anticipation of higher interest rates in the future.
First National Bank is offering 2.15% interest rates on their savings account, which compounds interest continuously.
First Federal Bank is offering 2.25% interest rates on their savings account, which compounds interest semi-annually.
If you are going to deposit $5000 for four years, which account should you choose? How much more will you earn from the higher-earning savings account?
Answers: 3
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