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You get a gift of $1,000. You decide that you want to invest all of the money in a savings account. However, your bank has two different savings plans. Determine the final amount in the account for each plan in 5 years. Round your answers to two decimal places if needed.
Plan A: The bank gives you 4% interest rate and it is compounded every two months.
Plan B: The bank gives you a 10% interest rate and compounds the interest every 6 months.
So you basically get 104% of your Savings Account every two months for Plan A.
Plan B makes it 110% of your Savings Account every 6 months. Now we just calculate it...I'm sure your allowed a calculator, so just do 110% of it till 5 years.
If you still don't understand I can explain it more.
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