Suppose That You Make a Fixed Deposit of $1,000 in Bank

question 10

Essay

Suppose that you make a fixed deposit of $1,000 in Bank X and $500 in Bank Y. The value of each investment at the end of each subsequent year is provided in the table.
​ $$\begin{array} { l | c | c } \text { Y ear } & \text { Bank X } ( \$ ) & \text { Bank Y } ( \$ ) \\\hline 1 & 1,320 & 560 \\2 & 1,510 & 620 \\3 & 1,750 & 680 \\4 & 2,090 & 740 \\5 & 2,240 & 790 \\6 & 2,470 & 820 \\7 & 2,830 & 870 \\8 & 3,220 & 910 \\9 & 3,450 & 950 \\10 & 3,690 & 990\end{array}$$ ​
Which of the two banks provides a better return over this time period?

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