Two banks offer different interest rates on your deposit of $10,000 over 3 years. Bank A offers an 8% interest compounded annually and Bank B offers an 8.5% simple annual interest. Which would earn the most interest (INT) over the 3 year period, and by how much?

Answer rating: 100% (QA)

Bank A Principal P 10000 Interest rate 8 compounded annually Ti... View the full answer