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?  

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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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