Second Union Bank Pays 5 Percent Simple Interest on Its

question 59

Multiple Choice

Second Union Bank pays 5 percent simple interest on its savings account balances, whereas Third Street Bank pays 5 percent compounded annually. If you made a $12,000 deposit in each bank, how much more money would you earn from your Third Street Bank account at the end of 15 years?

• A) $3,602.89
• B) $3,947.14
• C) $4,008.01
• D) $4,221.15
• E) $4,414.14

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Definitions:

BPH

Benign Prostatic Hyperplasia, a condition in men in which the prostate gland is enlarged, causing difficulty in urination.

Diagnosed

The process of identifying a disease or condition from its symptoms and test results by a healthcare professional.

Benign Prostatic Hyperplasia

A non-cancerous enlargement of the prostate gland, commonly affecting older men.

BPH

Benign Prostatic Hyperplasia, a non-cancerous enlargement of the prostate gland that can cause urinary problems in men as they age.