There are 2 banks, Bank A and Bank B. Bank A provides compound interest of 1.3%. Bank B provides interest of 3.5% for the first year and then 0.7% for each extra year. James wants to invest £250. Which bank provides the most interest after 4 years?
Bank A: £250*(1.013^4) = £263.25570.... , Bank B: £2501.035(1.007^3) = £264.2218.... , 264>263 therefore Bank B provides more interest than Bank A
SL
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