You have $5,800 to deposit. Regency bank offers 12% per year compounded monthly (1% per month), while King bank offers 12% but will only compound annually. How much will your investment be worth in 20 years at each bank?

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07-10-2022
Business

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You have $5,800 to deposit. Regency bank offers 12% per year compounded monthly (1% per month), while King bank offers 12% but will only compound annually. How much will your investment be worth in 20 years at each bank?

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