ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Emma is trying to decide what bank to but her money in. Bank 1, she can invest $1, 000 with an annual rate of 2.4% compounded interest. Bank 2, she can invest $1, 000 with a rate of 2% simple interest. How much more money would Emma earn in 5 years at Bank 1 than the earnings at Bank 2?
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$25.90
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$108.8
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$23.09
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$91.40
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Explanation:
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