The Monthly Bank pays 3% interest, compounded monthly, on their savings accounts. The Daily Bank pays 3% Interest, compounded daily, on their savings accounts. You want to have $1000 saved in an account two years from today. The amount you must deposit today in a lump sum to achieve your goal will be:
© the same regardless of which bank you choose because they both pay 3%.
O the same regardless of which bank you choose because they both pay simple interest
O the same regardless of which bank you choose because they both pay compound interest.
O greater if you have your account at The Monthly Bank.
It’s that simple.Pay only when you are satisfied.
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