POD Week 18 #1 Cindy. Question!!!!!! Diana earned $550 and she wants to leave it in a bank for 1 year. Bank of America offers an interest rate of 4%.

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Presentation transcript:

POD Week 18 #1 Cindy

Question!!!!!! Diana earned $550 and she wants to leave it in a bank for 1 year. Bank of America offers an interest rate of 4%. Citibank offers a 6-month interest of 2%. Harris bank offers a 3-month interest rate of 1$. Since she wants to earn the most interest possible does it matter what bank she chooses? Which bank will pay the most after 1 year? Diana earned $550 and she wants to leave it in a bank for 1 year. Bank of America offers an interest rate of 4%. Citibank offers a 6-month interest of 2%. Harris bank offers a 3-month interest rate of 1$. Since she wants to earn the most interest possible does it matter what bank she chooses? Which bank will pay the most after 1 year?

What I know She has 550$ She has 550$ BA: 4% per year BA: 4% per year CB: 2% every 6 months CB: 2% every 6 months HB: 1$ every 3 months HB: 1$ every 3 months

My method he he My method he he BA:527$ BA:527$ 550*1.04= *1.04=527 CB:572.22$ CB:572.22$ 550*1.02= *1.02= *1.02= *1.02= HB:559$ HB:559$ 550+3= = = = = =559

My answer!!!!! If Diana want to get as much interest as possible it does matter what bank she goes to. If Diana want to get as much interest as possible it does matter what bank she goes to. To get the most money after one year she should go to Citibank. To get the most money after one year she should go to Citibank.

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