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The table shows how much simple interest a $1,000 deposit in a savings account at Joyner Bank will earn over time. The graph shows how much simple insterest a $750 deposit in a savings account for 6 years. Which bank should he choose? Use mathematics to justify your reasoning.

The table shows how much simple interest a 1000 deposit in a savings account at Joyner Bank will earn over time The graph shows how much simple insterest a 750 class=

Respuesta :

mathmate
Both are simple interest, so the rate does not vary with time.
This means that if we compare the interest for any same number of years, it will show which bank is more advantageous, irrespective of the number of years of deposit.

Ross bank: $45/3 years for a 750 deposit, means 
annual interest = 45/750/3=45/2250=2%

Joyner bank:
annual interest = $23/1000/1 year = 2.3% 

With given information, investing in the Joyner bank appears more advantageous.

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