megufeet
Answered

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Kyle has $1500 to invest in a saving's account for 5 years. He has 3 options:

Bank A - Provides simple interest at 2%

Bank B - Provides compound interest at 2% compounded annually

Bank c - Provides compound interest at 2% compounded daily

Which bank should he choose? Explain your reasoning

Sagot :

madethisfortwitch1

Answer:

bank c

Step-bby-step explanation:

It's obvious that compound interest will give you more money than simple and therefore we can eliminate bank A

It's best to have your interest compounding as often as possible and because that's the only difference between bank B and C bank C is the best

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