document.write( "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?
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Algebra.Com's Answer #764676 by josmiceli(19441) $\"\"$ $\"About$

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Fleet bank:
\n" ); document.write( " $\"+A+=+P%2A%28+1+%2B+r%2Fn+%29%5E%28n%2At%29+\"$
\n" ); document.write( "I can use any $\"+P+\"$ , so I'll say:
\n" ); document.write( " $\"+P+=+100+\"$ and also:
\n" ); document.write( " $\"+t+=+1+\"$ yr
\n" ); document.write( " $\"+A+=+100%2A%28+1+%2B+.0425%2F52+%29%5E%28+52%2A1+%29+\"$
\n" ); document.write( " $\"+A+=+100%2A1.0008173%5E52+\"$
\n" ); document.write( " $\"+A+=+100%2A1.0434+\"$
\n" ); document.write( " $\"+A+=+104.34+\"$
\n" ); document.write( "The % gain is:
\n" ); document.write( " $\"+%28+104.34+-+100+%29%2F100+\"$
\n" ); document.write( " $\"+.0434+\"$
\n" ); document.write( "4.34% gain
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\n" ); document.write( "Washington bank:
\n" ); document.write( " $\"+A+=+100%2A%28+1+%2B+.04125%2F365+%29%5E%28+365%2A1+%29+\"$
\n" ); document.write( " $\"+A+=+100%2A1.04211+\"$
\n" ); document.write( " $\"+A+=+104.211+\"$
\n" ); document.write( " $\"+4.211%2F100+=+.04211+\"$
\n" ); document.write( "4.211% gain
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\n" ); document.write( "Fleet bank has higher interest rate
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