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Samuel wants to save enough money to buy a new couch, but isn’t sure which bank’s savings account he should sign up for. Wells Fargo has a yearly interest rate of 6%. Chase has an interest rate of 0.5%
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40 votes
40 votes
Samuel wants to save enough money to buy a new couch, but isn’t sure which bank’s savings account he should sign up for. Wells Fargo has a yearly interest rate of 6%. Chase has an interest rate of 0.5% compounded monthly. If Samuel deposits $3000 at the beginning of the year and makes no additional deposits or withdrawals, which bank would have the higher balance after one year?

User Oshrat
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1 Answer

22 votes
22 votes

wells Fargo would have a higher balance after one year

Explanation:

wells Fargo would have a higher balance after one year

User Nick Orton
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