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Whitney deposits for two years. She compares two different banks. State Bank will pay her 4.1% interest, compounded monthly. Kings Savings will pay her 4.01% interest, compounded continuously.
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Whitney deposits for two years. She compares two different banks. State Bank will pay her 4.1% interest, compounded monthly. Kings Savings will pay her 4.01% interest, compounded

continuously.

User Prissy
by
5.7k points

1 Answer

7 votes

Answer:

State Bank,$16.21

Step-by-step explanation:

Result part (a): $767.74

Result part (b): $751.53

we note that the results of part (a) is higher and thus State Bank earns more interest.

we are also interested in the difference of the interest:

$767.74 - $751.53 = $16.21

Thus State Bank will result in $16.21 more interest.

User Chau Giang
by
4.9k points
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