SOLUTION: Fleet Street Savings Bank pays interest at the rate of 4.25%/year compounded weekly in a savings account, whereas Washington Bank pays interest at the rate of 4.125%/year compoun
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Question 1143772: Fleet Street Savings Bank pays interest at the rate of 4.25%/year compounded weekly in a savings account, whereas Washington Bank pays interest at the rate of 4.125%/year compounded daily (assume a 365-day year). Which bank offers a better rate of interest?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Fleet bank:
I can use any , so I'll say:
and also:
yr
The % gain is:
4.34% gain
--------------------------------
Washington bank:
4.211% gain
------------------------------
Fleet bank has higher interest rate
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