Concept explainers
To explain which is better plan.
Answer to Problem 7.29EP
Bank B is better option.
Explanation of Solution
Given information:
Bank A offers 4.5% interest compounded annually
Bank B offers 0.39% interest compounded monthly
Formula used:
A is amount
P is principle amount
R is rate of interest
n is number of years
Calculation:
Let P=100 For Bank A
Using formula to calculate amount for one year
On solving,
On solving,
A=104.5
Bank A gives 4.5 rupees as interest for saving bank.
For Bank B
If monthly interest is given
Then amount for 12 month or one year
On solving,
On solving,
On solving,
Bank B gives 46.8 rupees as interest for saving bank.
Hence, Bank B is better option.
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