Samuel wants to deposit $4,000 and keep that money in the bank without deposits or withdrawals for
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Samuel wants to deposit $4,000 and keep that money in the bank without deposits or withdrawals for 3 years. He compares two different options. Option 1 will pay 1.8% interest, compounded quarterly. Option 2 will pay 1.5% interest, compounded continuously.
a. How much interest does Option 1 pay?
b. How much interest does Option 2 pay?
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Related Book For 
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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