Multiple Choice
You have $100 to deposit. Bank A offers 16% interest, compounded annually, Bank B offers 15% interest, compounded monthly. How many years would you have to keep your money in the bank for Bank B to be a better choice?
A) Bank B is always better.
B) 4 years
C) 5 years
D) 6 years
E) Bank B is never better.
Correct Answer:
Verified
Correct Answer:
Verified
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