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1 answer:
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Answer:
The amount that we should deposit in each bank is around $942.
Step-by-step explanation:
Case 1:
A=$1000
n = 12
t = 2
r = 3% or 0.03
p = ?
The compound interest formula is :
Substituting values in the formula;
=>
=>
p = $941.84
Case 2:
A=$1000
n = 365
t = 2
r = 3% or 0.03
p = ?
=>
=>
p = $941.76
The amount that we should deposit in each bank is around $942.