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URGENT!! Samuel wants to deposit $4,000 and keep that money in the bank without deposits or withdrawals for three years. He compares two different options. Option 1 will pay 1.8%, compounded quarterly.
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URGENT!!

Samuel wants to deposit $4,000 and keep that money in the bank without deposits or withdrawals for three years. He compares two different options. Option 1 will pay 1.8%, compounded quarterly. Option 2 will pay 1.5% interest, compounded continuously.

a) How much does option 1 pay?
b) How much does option 2 pay?

User BenoitParis
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1 Answer

1 vote

Answer:

First option pays $480.60 in interest and the second option pays $442.84 in interest

Explanation:

User Gregomni
by
4.6k points
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