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29-03-2018
Mathematics

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Anagrace has $200 to invest for 10 years. If her local bank pays 7% simple interest on an investment but a national bank pays 5% interest compounded annually, which is the better choice? How much money would she have after 10 years if she chose the local bank?

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altavistard altavistard

29-03-2018

Local bank: 7% simple interest, so A = amount = $200+$200*0.07*10 = $340

National bank: 5% interest comp. annually, so A = $200(1.05)^10 = $325.78

Anagrace would have accumulated $340 after ten years.

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