$15,000 = P
Ameribank: 0.0105 = r, 1 = n, 1 = t. Plug our values in.
A = $15,000 (1 + (0.0105/1)^(1/1) = $15,157.5
Huffington: 0.0095 = r, 12 = n, 1 = t. Plug our values in.
A = $15,000 (1 + (0.0095/12))^(12/1) = $15,143.12
Sixth-Third: 0.01 = r, 52 = n, 1 = t. Plug our values in.
A = $15,000 (1 + (0.01/52)^(52/1) = $15,150.74
To maximize his profits, Tad should choose Ameribank.
