Lew has $3,600 that he wants to invest for 5 years. He can invest this amount at his credit union and earn 2.2 percent simple interest. Or, he can open an account at Compass Bank and earn 2.15 percent interest, compounded annually. If he decides to invest at Compass Bank for 5 years, he will:
have a total balance of $3,680 in his account after one year.
earn the same amount as if he had invested with the credit union.
have a total balance of $4,012 in his account after 5 years.
earn $6 more than if he had invested with his credit union.
earn $8 more than if he had invested with his credit union.
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