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aliya0001 [1]
3 years ago
14

A bank offers a money market account paying 8.7​% interest compounded annually. A competing bank offers a money market account p

aying 8.5​% interest compounded daily.​ (Assume 360 days in a​ year.) Which account is the better​ investment?
Mathematics
1 answer:
stich3 [128]3 years ago
5 0
The answer is 8.5% interest compounded daily.

EXPLANATION

Regardless of your rate, the more often interest is paid, the more beneficial the effects of compound interest.

A daily interest account, which has 360 compounding periods a year, in this case, will generate more money than an account with an annual compounding, which has one compounding period per year.
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Answer:

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Step-by-step explanation:

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