SOLUTION: Two banks offer different investment packages.
BANK A: 6.5% p.a. compounded semi-annually
BANK B: ?% compounded monthly
If a customer invests $10000 in bank A for 5 years, wh
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Question 1046546: Two banks offer different investment packages.
BANK A: 6.5% p.a. compounded semi-annually
BANK B: ?% compounded monthly
If a customer invests $10000 in bank A for 5 years, what interest rate would be needed at Bank B in order to achieve the same outcome by investing $8000?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
^{60}\ =\ 10000\left(1\ +\ \frac{6.5}{200}\right)^{10})
Solve for 
John
My calculator said it, I believe it, that settles it
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