Question: Derek can deposit $ 2 9 8 . 0 0 per month for the next 1 0 years into an account at Bank A .

Derek can deposit $298.00 per month for the next 10 years into an account at Bank A. The first deposit will be made next
month. Bank A pays 13.00% and compounds interest monthly. Derek can deposit $2,417.00 per year for the next 10
years into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. What rate
must Bank B pay for Derek to have the same amount in both accounts after 10 years?
Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%,% sign required. Will accept decimal
format rounded to 6 decimal places (ex: 0.092434))
 Derek can deposit $298.00 per month for the next 10 years

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