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Derek can deposit $277.00 per month for the next 10 years into an account at Bank A The first deposit will be made next month
Derek can deposit $277.00 per month for the next 10 years into an account at Bank A The first deposit will be made next month Bank A pays 15.00% and compounds interest monthly Derek can deposit $2,521.00 per year for the next 10 years into an account at Bank B. The first deposit will be made next year Bank B compounds interest annually. What rate must Bank B pay for Derek to have the same amount in both accounts after 10 years? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9 2434%, % sign required Wil accept decimal format rounded to 6 decimal places (ex 0.092434))
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