Answer:
He should place it in Bank A
For bank A Total amount = $1240
For bank bA= $1196.68
Step-by-step explanation:
For bank A with simple interest rate of 4%
Interest = PRT/100
Interest =( 1000*4*6)/100
Interest=$240
Total amount = principal + interest
Total amount = $1000+$240
Total amount = $1240
For Bank B with compound interest rate of 3%
A = p(1+r/n)^(nt)
A = 1000(1+(0.03/6))^(6*6)
A = 1000*1.19668
A= $1196.68
