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Mathematics, 02.06.2021 23:20 dice50

You won $1000 in a contest and you have a choice: You can invest the $1000 in BANK1 that pays 6% Interest, compounded monthly, for 9
.
years. Use A =P 1-
• You can invest the $1000 in BANK2 that pays 7% interest compounded annually, for 8
years. Use A = P+1.
1) Determine how much money you would have in each bank after 8 years.
2) Which Bank will give you more money?

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