Whitney deposits $9,000 for two years. She compares two different banks. State Banks will pay her 4.1% interest, compounded monthly. Kings Savings will pay her 4.01% interest, compounded continuously.

1)state bank

2)$16.21

Step-by-step explanation:

CHECK THE COMPLETE QUESTION BELOW

Whitney deposits $9,000 for two years. She compares two different banks. State Banks will pay her 4.1% interest, compounded monthly. Kings Savings will pay her 4.01% interest, compounded continuously.Which bank pays higher interest? How much higher?

The Amount in the formula for compound interest is

A= P(1+r)^2

P = principal amount,

r = rate per periods,

t = number of periods,

To know the interest she got from the State bank, we say

P = $ 9000, r = 4.1% = 0.041, t = 2 years,

A= 9000(1+0.041)^2

A= 9000(1.041)^2

= 9767.74

Then interest earned = A - P

= 9767.74 - 9000

= $ 767.74

To know the interest she got from the State bank, we say

P = $ 9000, r = 4.01% = 0.0401, t = 2 years,

A= 9000(1+0.0401)^2

A= 9000(1.0401)^2

= 9751.53

Then interest earned = A - P

= 9767.74 - 9000

= $ 751.53

The difference between the two interest is ($ 767.74 - $ 751.53)

=$16.21

Hence state bank will have $16.21 higher interest

is means division by fractions

step-by-step explanation: