You can work on your own or with a partner.
Suppose you received a gift of $10,000 and want to invest it. You visit two banks to see what they have to offer. Bank A is near your home and pays 5% interest compounded annually. Bank B is farther from your home and pays 6% interest compounded annually. You do not think a 1% difference in rates is that significant, but you want to check.
Calculate the amount of interest each plan will earn after one year. Record your answers on the lines provided.
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