How much more money per year in interest did their investment draw at the bank with the better deal?
Mrs. Griswold’s father gave Mr. Griswold a dowry of $ 15,000 when he and Mrs. Griswold got married. They decided to put that money into a savings account and eventually use it for a down payment on a house. In their search for the best deal, they found two promising accounts at two different banks. Yadkin Valley Bank and Trust offered a 5.4% interest rate compounded monthly while, Wachovia Bank offered a 5.385% interest rate compounded continually.
Which bank had the best deal?