Comparing 2 banks. One bank is online and offers a savings account interest rate of 1.75% compounded quarterly. The other bank is in your hometown and offers a savings account interest rate of 1.72% compounded daily. You have 4500 to keep in a savings account for 2 years. 1.The online bank has an APY of what percentage? Round your percentage to 3 decimal places. 2. The hometown bank has an APY of what percentage? Round to 3 decimal places. 3.which bank pays more interest? 4. How much more interest would you earn at the bank you selected compared to the other bank? Round to two decimal places.
Comparing 2 banks. One bank is online and offers a savings account interest rate of 1.75% compounded quarterly. The other bank is in your hometown and offers a savings account interest rate of 1.72% compounded daily. You have 4500 to keep in a savings account for 2 years. 1.The online bank has an APY of what percentage? Round your percentage to 3 decimal places. 2. The hometown bank has an APY of what percentage? Round to 3 decimal places. 3.which bank pays more interest? 4. How much more interest would you earn at the bank you selected compared to the other bank? Round to two decimal places.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 21E
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Comparing 2 banks. One bank is online and offers a savings account interest rate of 1.75% compounded quarterly. The other bank is in your hometown and offers a savings account interest rate of 1.72% compounded daily. You have 4500 to keep in a savings account for 2 years. 1.The online bank has an APY of what percentage? Round your percentage to 3 decimal places. 2. The hometown bank has an APY of what percentage? Round to 3 decimal places. 3.which bank pays more interest? 4. How much more interest would you earn at the bank you selected compared to the other bank? Round to two decimal places.
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