Mathematics, 03.12.2020 19:20 hjgdk2167
4) Moira plans to deposit $1000 into a bank account and leave it in the bank to gather interest for 5 years. She
researches the interest rates at two banks. Her findings are in the table below.
Bank A
interest rate: 4%
compounded monthly
A = P (1+r/n)nt^
Bank B
interest rate: 4%
compounded continuously
A = Pe^rt
Compute the amount of money that Moira would have in each bank after 5 years. Which bank should Moira
Choose and why?
Answers: 3
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4) Moira plans to deposit $1000 into a bank account and leave it in the bank to gather interest for...
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