Marie is planning to invest PHp 200 000. bank A is offering 7. 5% compounded semi-annually while bank B is offering 7% compounded monthly. if she plans to invest this amount for 5 years, in which bank should she invest
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Answer:
BANK B
Step-by-step explanation:
BANK A:
200,000 PESOS × 0.075% = 15,000 PESOS
15,000 PESOS × 5 YEARS = 75,000 PESOS
BANK B:
200,000 PESOS × 0.07% = 14,000 PESOS
14,000 PESOS × 5 YEARS = 70,000 PESOS