A bank is offering a simple interest rate of 5% — that is, the bank will pay a fixed 5% of an initial investment as interest eac

Question

3 years ago

13

A bank is offering a simple interest rate of 5% — that is, the bank will pay a fixed 5% of an initial investment as interest eac

h year. By contrast, a stockbroker is offering a 4% interest rate compounded annually: 4% of the total value of the investment at the end of the year. If $1000 is invested in the bank and $1000 is invested with the stockbroker, after 4 years, what will be the total value of the two investments combined? Round to the nearest dollar.

Mathematics

1 answer:

sweet [91] · Answer 1 · 2022-01-05T21:17:30+03:00

sweet [91]3 years ago

6 0

25 would be the nearest to your question and complete 100 with the 4