the local bank pays 5% interest on savings deposits. in a nearby town, the bank pays 1.25% per quarter. a man who has $4000 to deposit wonders whether the higher interest paid in the nearby town justifies driving there. if all money is left in the account for 3 years, how much interest would he obtain from the out-of-town bank?

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07-12-2022
Business

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the local bank pays 5% interest on savings deposits. in a nearby town, the bank pays 1.25% per quarter. a man who has $4000 to deposit wonders whether the higher interest paid in the nearby town justifies driving there. if all money is left in the account for 3 years, how much interest would he obtain from the out-of-town bank?

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