Question
Larry can deposit $255 per month for the next 10 years into an account at Bank A. The first deposit will be made next month.
Larry can deposit $255 per month for the next 10 years into an account at Bank A. The first deposit will be made next month. Bank A pays 12% and compounds interest monthly. Larry can deposit $2,593 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 Larry to have the same amount in both accounts after 10 years? Percentage Round to: 4 decimal places
(Please explain this on a Microsoft excel spreadsheet, step-by-step and the formula you are using. I need help desperately. Thank you)
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