Mathematics, 04.11.2020 14:00 lealaslee858

After receiving her retirement pay of P10,000,000, Hazel is approached by two banks offering slightly different deposit products. Bank A is offering an

interest rate of 5% with the interest computed on a simple basis. On the

other hand, Bank B offers a lower rate of 4.5%, compounded annually. If

Hazel intends to keep the deposit for the next 10 years, which bank offers

the better product?

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