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?
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
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Washington bank:
4.211% gain
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Fleet bank has higher interest rate
