Question

round off all answer in to two decimal places A=p(1+in) Steven won a portion of the local lottery.the price money is to the value of R18000.he wants to invest the money but does not know which bank to choose. FNB offers Steven 5,6/% for 8 years simple interest per annum, Nedbank offers Steven 6,6% for 6 years simple interest per annum and standard bank offers 7,2% for 5 years simple interest determine each bank future value to help Steven decide which bank he should choose FNB NEDBANK STANDARD BANK​

Answer 1

FNB bank

Explanation:

FNB = 18000 * 0.056* 8 = 8064

Nedbank = 18000*0.066* 6 = 7128

Standard = 18000*0.072*5=6480

FNB is the best choice for Steven