Whitney deposits $9,000 for 2 years. She compares two different banks. State Bank will pay her 2.1% interest, compounded monthly. Kings Savings will pay her 2.01% interest, compounded continuously. Round to the nearest cent.
a. How much interest does State Bank pay?
b. How much interest does Kings Savings pay?
c. Which bank pays higher interest? How much higher?
d. What other factors might affect Whitney’s choice besides interest?