Question

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?

Answer 1

wells Fargo would have a higher balance after one year

Explanation:

wells Fargo would have a higher balance after one year