Skylar decides to invest $3,500 Bank A offers a 3.65% annual interest rate compounded monthly, while Bank B offers a 3.65% annual rate but compounded quarterly. Skylar plans to invest for 2.5 years ( 30 months). What is the exact total amount Skylar will have in each bank after 2.5 years? Compound Interest Formula: A=P(1+(r)/(n))^nt
Answer
A
Bank A: 3 dollars comma 815 point 4 9, Bank B: 3 dollars comma 818 point 2 7
B
Bank A: 3 dollars comma 833 point 8 7, Bank B: 3 dollars comma 832 point 8 1
C
Bank A: 3 dollars comma 820 point 0 0, Bank B: 3 dollars comma 820 point 0 0
D
Bank A: 3 dollars comma 800 point 0 0, Bank B: 3 dollars comma 805 point 0 0