Question

Lia has $1000 to put in a savings account. She is choosing between two banks. Bank A offers 5% compounded quarterly and Bank B offers 5.1% compounded semiannually. If Lia plans on keeping her money in a savings account for a year, which bank would pay her more in interest, and by how much?

Answer 1

halp!

Answer 2

@braycub

Answer 3

You need the compound interest formula. Do you know it? If not, look it up.

Answer 4

can i put it in my calculator

Answer 5

@mathstudent55 hello?

Answer 6

Try this...
http://easycalculation.com/compound-interest.php