Mathematics, 25.03.2021 06:40 devenybates
Amal has $6000 saved and decides to put in a savings account. The Bank offers her two different
Account choices:
Account A: Annual interest rate of 4% compounded monthly (12 times per year)
Account B: Annual interest of 4.2% compounded quarterly (4 times per year)
Which account should Amal choose if she plans to keep the money in the account for three
years? For full credit, show your work including the formulas used. Clearly state which Account
you recommend and why based on results of your calculations.
Answers: 3
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Amal has $6000 saved and decides to put in a savings account. The Bank offers her two different
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