Compound Interest of Bank Accounts
Not what you're looking for? Search our solutions OR ask your own Custom question.
A bank offers two types of interest accounts. The first account receives 8% interest compounded quarterly. The second account receives 6% interest compounded continuously. Which account is better and why?
© BrainMass Inc. brainmass.com December 24, 2021, 4:53 pm ad1c9bdddfhttps://brainmass.com/business/interest-rates/compound-interest-bank-accounts-13761
Solution Summary
The solution discusses why one account is better than the other based on their interest compounded.
$2.49