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July 25, 2014

Homework Help: precal -checking answers

Posted by Anonymous on Friday, September 10, 2010 at 5:29pm.

Suppose Joan has $5,000 to invest. The banks are offering 3.10% interest. Bank A compounds interest continuously, while Bank B compounds interest semiannually. Answer these questions regarding which bank Joan should invest her money in, to accrue the greatest return.

How much would Joan's investment be worth after 20 years at Bank A?

and Bank B?

I got $ 9,294.64 for the both of them, but that seems a little suspicious

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