Question: QUESTION 2. Show steps clearly; Circle the most appropriate answer (5; 3, 1, 1] Bank A charges an interest of a% compounded annually, where, a=3+

 QUESTION 2. Show steps clearly; Circle the most appropriate answer (5;

QUESTION 2. Show steps clearly; Circle the most appropriate answer (5; 3, 1, 1] Bank A charges an interest of a% compounded annually, where, a=3+ average of the last 4 digits of your student ID; e.g., 123 456 789= 3+(6+7+8+9)/4 = 10.5 Bank B charges an interest of (a-0.2)% compounded monthly. Bank C charges an interest of (a-0.4)% compounded weekly (1 year = 52 weeks). Bank D charges an interest of (a-0.6% compounded continuously. Part I. Which bank provides the best deal for borrowing a 10-year loan of $10,000? A) Bank A B) Bank B Bank C D ) Bank D Part II. Which bank provides the worst deal for borrowing a 10-year loan of $10,000? A) Bank A B) Bank B Bank C D) Bank D

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