Multiple Choice
You have $100 to deposit. Bank A offers 20% simple interest, Bank B offers 15% interest compounded annually. How many years would you have to keep your money in the bank for Bank B to be a better choice than Bank A?
A) Bank B is always better.
B) 4 years
C) 5 years
D) 6 years
E) Bank B will never be better.
Correct Answer:
Verified
Correct Answer:
Verified
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