document.write( "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. \n" ); document.write( "

Algebra.Com's Answer #725085 by greenestamps(13203) $\"\"$ $\"About$

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\n" ); document.write( "The growth factor over a year for fleet street is
\n" ); document.write( " $\"%281%2B%28.0425%2F52%29%29%5E52+=+1.043397945\"$ for an APR of about 4.34%

\n" ); document.write( "The growth factor over a year for washington bank is
\n" ); document.write( " $\"%281%2B%28.04125%2F365%29%29%5E365+=+1.042110172\"$ for an APR of about 4.21%

\n" ); document.write( "The rate is better at fleet street.

\n" ); document.write( "You could also determine that by comparing the growth factors over one week.

\n" ); document.write( "For fleet street that growth factor is $\"1%2B.0425%2F52+=+1.000817308\"$
\n" ); document.write( "For washington bank it is $\"%281%2B.04125%2F365%29%5E7+=+1.000791364\"$ \n" ); document.write( "

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