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A person wants to open a savings account with an initial deposit of $ 10,000. The person has the following alternatives: Bank A - has
A person wants to open a savings account with an initial deposit of $ 10,000. The person has the following alternatives: Bank A - has a compound interest rate of 0.50% capitalized monthly. Bank B - has a compound interest rate of 1.50% capitalized quarterly. Bank C - has a compound interest rate of 2.05% capitalized semi-annually. If you calculate the accumulated amount after 3 years, what alternative is best for you? (Justify your answer and show the computations)
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