Clay has 5 years to save money for a car. He wants to invest $800 in the bank. He has 2 banks to choose from. Wells Fargo offers a simple interest account with a rate of 4%. Chase Bank offers a compound interest annually with a rate of 4%. Which bank will provide Clay with the most money after 5 years? * O Wells Fargo O Both Banks None of them 1O Chase Bank

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter2: Equations And Inequalities
Section2.2: Applied Problems
Problem 10E
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Clay has 5 years to save money for a car. He
wants to invest $800 in the bank. He has 2
banks to choose from. Wells Fargo offers a
simple interest account with a rate of 4%.
Chase Bank offers a compound interest
annually with a rate of 4%. Which bank will
provide Clay with the most money after 5
years? *
O Wells Fargo
O Both Banks
O None of them
O Chase Bank
Transcribed Image Text:Clay has 5 years to save money for a car. He wants to invest $800 in the bank. He has 2 banks to choose from. Wells Fargo offers a simple interest account with a rate of 4%. Chase Bank offers a compound interest annually with a rate of 4%. Which bank will provide Clay with the most money after 5 years? * O Wells Fargo O Both Banks O None of them O Chase Bank
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