The local bank pays 4% annual interest on savings deposits. In a nearby town, the bank pays 1% per quarter. A man who has $3,425 to deposit wonders whether the higher interest paid in the nearby town justifies driving there. If all money is left in the account for 4 years, how much more interest would he obtain if the out-of-town bank was chosen? (calculate the difference of obtained interests)
+4
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The local bank pays 4% annual interest on savings deposits. In a nearby town, the bank pays 1% per quarter. A man who has $3,425 to deposit ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Home » Business » The local bank pays 4% annual interest on savings deposits. In a nearby town, the bank pays 1% per quarter. A man who has $3,425 to deposit wonders whether the higher interest paid in the nearby town justifies driving there.