You putin $1.000 in an account. After 1 year, what is the account balance for both compound interest and simple interest with 5% annually? Then you decide to switch banks and you take the total from the previous bank and go to
another bank
They give you 2 options
1. option is 10% simple interest annually 525
Or
2. option is 5% compound interest annually 1347.53
After 5 years which option would you choose?