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Gabriel is evaluating offers from different banks. He has received $5,000 as a graduation gift that he wants to save for one year before he
Gabriel is evaluating offers from different banks. He has received $5,000 as a graduation gift that he wants to save for one year before he spends it. He can either purchase a 1-year CD from bank A that has a APY of 2.5%, or he can open a money market account at bank B where he would earn an interest rate of 1.5% APY. How much more money would he earn in interest with the bank A offer compared to the bank B offer?
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