Marcy invested 500,00 pesos in one bank. After 3 years, her money increased to 590,00 pesos. She also invested 500,000 pesos in another bank. After 5 years, her money became 637,500 pesos. Which bank gave her a better deal in terms of interest? Why?
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Answer:
the 1st bank, because she only received 25,500 pesos a year in the 2nd bank as interest, and the other one gave her 30,000 as interest a year
Step-by-step explanation:
first bank: she received 90,000 as interest
90,000 ÷ 3 years = 30,000
She received 30,000 as interest a year
while the other one gave her 127,500 as interest
637,500 - 500,000 = 127,500
127,500 ÷ 5 years = 25,500 a year.