Five years ago, your parents opened two savings accounts and deposited $5,000 in each account. The first account was with The City Bank at 5 percent, compounded daily. The second account was with The Country Bank at 6 percent, compounded annually. Which one of the following statements is true concerning these accounts? 

a. The Country Bank account is currently valued at $6,749.13 

b. The City Bank and The Country Bank have both paid the same total amount of interest. 

c. The Country Bank has paid $529.11 more in interest than The City Bank 

d. The City Bank has paid $271.11 more in interest than The Country Bank . The City Bank account is currently valued at $6,420.02.

Answer rating: 100% (QA)

Future value of amount deposited in City Ba... View the full answer