7 years ago, you invested $1,891 in a 15-year savings account at Bank A. Bank B - which offers 1.3 times the rate that Bank A offers - is offering new customers a 10% cash bonus when they switch from other banks. The current balance in your savings account at Bank A is $2,936.39. You decide to withdraw the entire balance from Bank A and put the amount and the cash bonus in Bank B's savings account. How much will you have after 8 years?

Answer rating: 100% (QA)

Given Initial investment in Bank A 1891 Remaining duration at Bank A 8 years Current balance in Bank A 293639 Cash bonus from Bank B 10 of the amount ... View the full answer