Asavings account at bank a pays 5% simple interest. an account at bank b pays 2% compound interest. the table shows the balance in each account after an initial deposit of $1000.which describes the balances after a long period of time?
year banka bankb
1 $1000 $1000
2 $1050 $1020
3 $1100 $1040.40
4 $1150 $1061.21
5 $1200 $1082.43
a. the balance in banka will be greater.
b. the balance in bankb will be greater.
c. the balances will be the same.