In this question, give all answers to two decimal places.
At the start of 2021 Maro wants to open a savings account. Bank A offers him an account with 3.5% annual simple interest with an initial deposit of $5000, and Bank B offers him an account with 2.5% nominal annual interest with an initial deposit of $4000, compounding annually. The interest for both accounts is paid in monthly deposits.Calculate the amount of money Maro would have saved by the start of 2030 if he opens the Bank A account.
Calculate the amount of money Maro would have saved by the start of 2035 if he opens the Bank B account.
Find the year in which the amount in the Bank B account would surpass the amount in the Bank A account.
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