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National Trust advertises a 1-year certificate of deposit at 4.00% compounded daily with a minimum deposit of $10,000. First National offers a 1-year certificate

National Trust advertises a 1-year certificate of deposit at 4.00% compounded daily with a minimum deposit of $10,000. First National offers a 1-year certificate of deposit at 4.25% compounded quarterly with no minimum deposit. John Culbert has $20,000 to invest. a) Which bank should he choose? b) How much more would he earn on his $20,000 by choosing that bank?

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