ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Salil has 5 years to save money for a car. He wants to invest $800 in the bank. He has 2 banks to choose from. Wells Fargo offers a simple interest account with a rate of 4%. Chase Bank offers a compound interest account with a rate of 4%. Which bank will provide Salil with the most money after 5 years?
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Wells Fargo
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Chase Bank
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Either A or B
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None of the above
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Explanation:
There is 1 question to complete.