***THIS IS NOT THE CORRECT ANSWER***

Regency Bank

P = 5200. r = 9/100 = 0.09 (decimal). n = 1. t = 17.

A = 5000 (1 + 0.09 / 1) ^ 1(17) = 22503.69

So, the investment balance after 17 years is $22503.69.

King Bank

P = 5200. r = 9/100 = 0.09 (decimal). n = 12. t = 17.

A = 5000 (1 + 0.09 / 12) ^ 12(17) = 23877.81

So, the investment balance after 17 years is $23877.81

You have $5,200 to deposit. Regency Bank offers 9 percent per year compounded monthly (75 percentper month), while King Bank offers 9 percent but will only compound annually. How much will your investment be worth in 17 years at each bank? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Regency Bank King Bank