Mathematics, 22.12.2019 03:31 corianrigby97
An investment banker is responsible for investing a customer’s money into the greatest interest earning account. the banker has the following options for his customer’s investment:
account a:
interest rate = 8%
term of investment = 8 years
interest compounded annually account b:
interest rate = 7%
term of investment = 10 years
interest compounding continuously
which account, a or b, will earn the customer the greatest amount of interest on his $50,000 investment? in your final answer, include all of your calculations.
Answers: 3
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