How much more will you gain or lose per year

Reference no: EM131900164

Problem

The local bank advertised an investment program with an annual 16% interest rate, compounded quarterly. You can also choose to invest your money at the local branch of an out-of-town bank that will give you an annual interest rate of 17.5%. How much more will you gain or lose per year if you invest $1,000 at the local bank instead of at the out-of-town bank?

Reference no: EM131900164

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