1. Mr. Kevin earned $12,500.00 in commission from insurance sales to an international company. He is undecided where he invests them since he has four bank companies that are making the following offers for 5 years with an interest rate of 6%.

PR 1 Bank: offered at semi-annual compound interest

PR 2 Bank: offered at interest compounded annually

PR 3 Bank: offered at interest compounded quarterly annually

PR 4 Bank: it is offered at simple annual interest and the check is sent to your home

A. How much do you have at the end of the year for each offer?

B. Which bank would you recommend and why?

C. When would it be if it was bimonthly for the 3 years?