Annually compounded interest on savings deposit

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The BB&T Bank offers to pay 2% per year, annually compounded interest on savings deposit. The Wells Fargo Bank pays 2% per year, quarterly compounded interest. A man who has $10000 to put in a savings account will leave all money in the account for 2 years. Calculate the amount he would have at the end of 2 years from each bank.

Reference no: EM13854177

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