How much additional interest would he obtain

Reference no: EM133558170

The local bank o?'ers to pay 5% niterest on savings deposits. In a nearby town the bank pays 1.25% per 3-month period (quarterly). A man who has $3000 to put in a savings account wonders whether the higher interest paid in the nearby town justi?es driving there to make the deposit. Assuming he will leave all money in the account for 2 years, how much additional interest would he obtain from. the out-of-town bank over the local bank? If there is a difference in the additional interest ?'om local bank and out-of-town bank, could you explain why

Reference no: EM133558170

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