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How much more can tom earn investing at that bank

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Reference no: EM132918534

Problem 1: Tom is considering saving an amount of $5000 for 4 years. He can save this amount at Magic bank, where they pay an interest of 10% compounded annually, or he can invest at Wonder bank, where they pay an interest of 9.5% compounded monthly. Which bank pays better, and how much more can Tom earn investing at that bank?

A. Magic Bank; $20
B. Wonder Bank; $20
C. Magic Bank; $132.2
D. Wonder Bank; $132.2

Reference no: EM132918534

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