9 Patrick receives an annual bonus of $2,000. He plans to deposit this bonus into
one of the following savings accounts for 3 years.
Bank A
5.75% Simple Interest Annually
Bank B
5.25% Compounded Interest
Annually
If he invests the money for 3 years without depositing or withdrawing money,
which bank gives him more interest? (8.12D, RS, RC4)
A After 3 years, Bank B will pay Patrick $13.17 more than Bank A.
B After 3 years, Bank A will pay Patrick $13.17 more than Bank B.
C After 3 years, Bank A will pay Patrick $17.13 more than Bank B.
D After 3 years, Bank B will pay Patrick $17.13 more than Bank A.