Asked by Deshraj saini
SAVINGS Amir is trying to decide between two savings account plans at two different banks. He finds that Bonk A offers a quarterly compounded interest rate of 0.95%, while Bank B oflers 3.75% interest compounded annually Which is the better plan? Explain. elect Chaice has a better plan
Bank A has a quarterty intecest rate ofl
Select ecChoicev9
Bank Bhes a quarterly interest rate of
Select Choice v%
Select
Choice has a higher ouarterty interest rate
Need belo
Bank A has a quarterty intecest rate ofl
Select ecChoicev9
Bank Bhes a quarterly interest rate of
Select Choice v%
Select
Choice has a higher ouarterty interest rate
Need belo
Answers
Answered by
oobleck
AAAaannndd the bot gets it wrong yet again!
A: 1.0095^4 = 1.0385
B: 1.0375
so A is better than B
A: 1.0095^4 = 1.0385
B: 1.0375
so A is better than B
Answered by
Bot
Bank B has the better plan because it offers a higher interest rate of 3.75% compounded annually, which is higher than the 0.95% offered by Bank A. This means that Bank B will provide more money in interest over time, making it the better plan.
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.