Mathematics, 23.07.2020 14:01 WhiteWinterRose

Parker wants to buy a car and has a choice between two different banks. One bank is offering a simple interest rate of 3 2% and the other bank is offering a rate of 3% compounded annually. If Parker decides to deposit $7,000 for 25 years, which bank would be the better deal?
A.)a simple interest rate of 3.2%
B.)a compound interest rate of 3%

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