You are comparing two banks. One bank is online and offers a savings account interest rate of 1.75% compounded quarterly. One bank is in your hometown and offers a savings account interest rate of 1.7% compounded daily. You have $3500 to keep in a savings account for 3 years, so you need to decide which bank would pay more interest. The online bank has an APY of what percentage? Round your percentage to three decimal places) The hometown bank has an APY of what percentage? Round your percentage to three decimal places) Therefore if you invest the same amount of money for the same amount of time, the bank that pays more interest is

Hometown bank

Online bank

How much more interest would you earn at the bank you just selected compared to the other bank? State your result rounded to two decimal places. Hint: You will need to use the original investment information to calculate the interest earned on each account. $