Whitney deposits $9,000 for two years. She compares two different banks. State Bank will pay her 1% compounded monthly. King Savings will pay her 0.85% compounded continuously. a) How much interest does State Bank pay? b) How much interest does King Savings pay? c) Which bank pays higher interest? d) How much higher?

Question

01-11-2022
Mathematics

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Whitney deposits $9,000 for two years. She compares two different banks. State Bank will pay her 1% compounded monthly. King Savings will pay her 0.85% compounded continuously. a) How much interest does State Bank pay? b) How much interest does King Savings pay? c) Which bank pays higher interest? d) How much higher?

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