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Dominik [7]
3 years ago
9

Anastasia was trying to decide which investment plan would be best over 10 years. Bank A was offering 8.5% simple interest on he

r money using the formula . Bank B was offering 8% compounded annually using the formula . Which bank is a better investment if she has $2,000 to invest for 10 years? Bank A is the better investment. In 10 years, her $2,000 will grow to $4,317.85, and with bank B, her $2,000 will grow to $3,700. Bank B is the better investment. In 10 years, her $2,000 will grow to $4,317.85, and with bank A, her $2,000 will grow to $3,600. Bank A is the better investment. In 10 years, her $2,000 will grow to $4,521.97, and with bank A, her $2,000 will grow to $3,700. Bank B is the better investment. In 10 years, her $2,000 will grow to $4,317.85, and with bank A, her $2,000 will grow to $3,700.
Business
2 answers:
mario62 [17]3 years ago
8 0

Answer: Bank B is the better investment. In 10 years, her $2,000 will grow to $4,317.85, and with bank A, her $2,000 will grow to $3,700.

Explanation:

Bank A was offering 8.5% simple interest. $2000 with 8.5% simple interest. = A = P(1 + rt)

A = 2000(1+(0.085*10))

= 2000(1+0.85)

= 2000(1.85)

= 3,700

Bank B was offering 8% compounded annually

= A = P(1+r/n)^nt

A= 2000(1+8%/1)^1*10

A= 2000(1+0.08)^10

A= 2000(1.08)^10

A= 2000*2.1589

= 4,317.85

nordsb [41]3 years ago
4 0

Answer:

B

Explanation:

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