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I need this ASAP plz

You are looking to invest $2,000 for 5 years and you are comparing the interest rates for 2
different banks.
• Bank A offers a 3% interest rate compounded annually.
• Bank B offers a 2.9% interest rate compounded quarterly.
nt
in which bank should you invest your money? Justify your
Using the formula, A=P
conclusion.

Respuesta :

Answer:

5% compounded quarterly equals (1.0125)^4 -1=0.0509453369140625 or 5.09453369140625 % APR

250*(1.0125)^20=$320.51 at the end of 5 years

Step-by-step explanation:

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