Western Bank Pays 5 Percent Simple Interest on Its Savings

question 62

Multiple Choice

Western Bank pays 5 percent simple interest on its savings account balances, whereas Eastern Bank pays 5 percent compounded annually.If you deposited $6,000in each bank, how much more money would you earn from the Eastern Bank account at the end of 3 years?

• A)$55.84
• B)$45.75
• C)$60.47
• D)$40.09
• E)$50.14

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Definitions:

Assertive Communication

A communication style in which individuals express their needs and opinions in a direct, honest, and respectful way.

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Effective Oral Message

The transmission of information or intentions through spoken words in a clear, concise, and impactful manner to ensure understanding.

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Nonverbal behaviors that match or are in harmony with the verbal message being communicated, enhancing understanding and trust.