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Which Bank offers Dwayne the better salary structure

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Question - After graduating your best friend Dwayne has, received multiple job offers from top Canadian Banks CIBC and Bank of Nova Scotia. These firms truly appreciated Dwayne's work ethic as well as the honesty displayed by never cheating during their studies.

(i) CIBC has offered you a salary structure whereby you will receive $180,000 at the end of each year for the next two years.

(ii) Bank of Nova Scotia has offered you a salary structure whereby you will receive $170,000 at the end of each year for the next two years, plus a $19,000 signing bonus to be paid immediately.

The interest rate is 8% compounded monthly. Which Bank offers Dwayne the better salary structure, and by how much?

Reference no: EM132974856

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