Question: You plan to deposit $ 1 0 , 0 0 0 in a savings account and leave the money for at least 5 years. You
You plan to deposit $ in a savings account and leave the money for at least years. You found the following offers:
Bellon Bank is offering compounded once per year
WNC Bank is offering compounded twice per year
Byfus Bank is offering compounded monthly
Reginald Bank is offering compounded daily
Use APR and EAR Which bank is the best choice?
How much money would you have after fifteen years in each of these accounts?
Plot the growth of $ over years at each rate on the same graph.
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