Account A is having $1,093 after 3 years. and Account B is having $1,120 after 3 years.
<h3>What is compound interest?</h3>Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.
Elisa put $1,000 in each bank.
Account A: gives her at a rate of 3% per annum compounded annually.
Account B: $40 bonus is added to the account each year.
After 3 years, account A will have
Account A is having $1,093 after 3 years.
After 3 years, account B will have
Account B is having $1,120 after 3 years.
More about the compound interest link is given below.