SOLUTION: fleet street savings bank pays interest at the rate of 4.25% per year compounded weekly in a savings account whereas washington bank pays interest at the rate of 4.125% per year co
Algebra.Com
Question 1110091: fleet street savings bank pays interest at the rate of 4.25% per year compounded weekly in a savings account whereas washington bank pays interest at the rate of 4.125% per year compounded daily. which bank offers a better rate of interest.
Answer by greenestamps(13203) (Show Source): You can put this solution on YOUR website!
The growth factor over a year for fleet street is
for an APR of about 4.34%
The growth factor over a year for washington bank is
for an APR of about 4.21%
The rate is better at fleet street.
You could also determine that by comparing the growth factors over one week.
For fleet street that growth factor is
For washington bank it is
RELATED QUESTIONS
Fleet Street Savings Bank pays interest at the rate of 4.25%/year compounded weekly in a... (answered by josmiceli)
If $100 dollars is deposited in a savings account that pays interest at a rate of 12.5%... (answered by Kbear,MathTherapy)
If I have $4,000 in my savings account and the bank pays 4.5 INTEREST rate per year how... (answered by Math_Boss)
Steve's bank pays an annual interest rate of 2.8 percent on a savings account. The... (answered by ewatrrr)
a bank pays 6% interest on saving per year
ann deposited 1000 on savings account... (answered by oscargut)
A savings account in the Emigrant Savings Bank in New York now earns 2.25% simple... (answered by josmiceli)
Formulate a system of equations for the situation below and solve.
Michael Perez... (answered by josgarithmetic,greenestamps,ikleyn)
If you put $4,000 in a savings account that pays interest at the rate of 4%, compounded... (answered by rfer)
If you put $ 6,000 in a savings account that pays interest at the rate of 4 percent,... (answered by stanbon)