Question
Peter has RM10,000 that he can deposit in any three savings accounts for three years. Bank A compounds interest on an annual basis, Bank
Peter has RM10,000 that he can deposit in any three savings accounts for three years. Bank A compounds interest on an annual basis, Bank B compounds interest twice each year, and Bank C compounds interest each quarter. All three banks have a stated annual interest rate of 4%. What amount would Peter have at the end of the third year, leaving all interest paid on deposit, in each bank? Based on your findings, which bank should Peter choose? Why? (10)
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Edexcel AS And A Level Mathematics Pure Mathematics Year 1/AS
Authors: Greg Attwood
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129218339X, 978-1292183398
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