Interest
Middle School Madness - March 27, 2023
You earned $550 from a summer job mowing lawns in your neighborhood. You decide to put the money in a savings account. There are three banks near your home. Bank A offers a saving account that pays an annual interest rate of 4%. Bank B offers a savings account that pays a 6-month interest rate of 2% (compounded every 6 months) and Bank C offers a 3-month interest rate of 1% (compounded every 3 months). Determine which bank will produce the greatest amount of interest. What will be the total amount in this account after one year?
Immediately after your correct answer is submitted, your name will be posted here.
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NOTE: Anyone can answer Middle School Madness questions, but only participants 15 years of age or younger will be awarded points and displayed in the rankings.
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