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1) Suppose you have $4400.00 to invest for two years. Alberta’s Bank advertises capital savings at 7.128% compounded semi-annually. However, Loyalty Bank offers premium savings at 7.1% compounded mont
1) Suppose you have $4400.00 to invest for two years. Alberta’s Bank advertises capital savings at 7.128% compounded semi-annually. However, Loyalty Bank offers premium savings at 7.1% compounded monthly. (disclose all your calculation steps)
a) Which deposit will earn more interest? 3 marks
b) What is the interest earned in each offer & difference in the amount of interest? 1.5 marks
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