City Bank offers 4% simple interest on deposits. County Bank offers 3% interest compounded annually.
Derek deposits $5000 in City Bank and Lupe deposits $5000 in County Bank.
What is the difference in final balances for Derek and Lupe at the end of 6 years?
$229.74
$300.00
$356.33
$426.60
+2
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Home » Mathematics » City Bank offers 4% simple interest on deposits. County Bank offers 3% interest compounded annually. Derek deposits $5000 in City Bank and Lupe deposits $5000 in County Bank.