Posted by **Kat** on Tuesday, April 2, 2013 at 9:58pm.

you are looking for a safe place to put 30,000.00 for one yr. Bank A offers 2.46% interest rate continuously. Bank B offers 2.48% quarterly and Bank C offers 2.47% monthly. Find the most effective rate of each to determine which would earn you the most interest at the end of one yr.

- math -
**john**, Tuesday, April 2, 2013 at 10:11pm
Bank A interest per years = (2.46*30000)/100= $738 per year

Bank B interest (2.48*30000)/100=744

Bank c interest (2.47*30000)/100=741

So Bank B the most interest at the end of one year.

- For John - math -
**Reiny**, Tuesday, April 2, 2013 at 10:19pm
John, please do not attempt to answer questions, if you have no idea how that question is done.

Bank A ---> 30000 e^(.0246) = $30,747.15

Bank B ---> 30000(1 + .0248/4)^4 = $30,750.95

Bank C ---> 30000(1+.0247/12)^12 = $30,749.45

Plan B is the best way, but not for the "reasons" John gave. He didn't even include the compounding factor.

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