(See Steps) Financial markets Your parents gave you $5,000 as a graduation gift. You don’t need the money right away so you decide to put the money in the

Question: Financial markets

Your parents gave you $5,000 as a graduation gift. You don’t need the money right away so you decide to put the money in the bank for 20 years. Bank A offers to pay you 5% yearly interest rate compounded monthly . Bank B offers to pay you 5% interest rate compounded yearly.

What is the monthly interest rate paid by the Bank A ?
If you decide to put your money in the Bank A, how much money will you have in 25 years?
If you decide to put your money in the Bank B, how much money will you have in 25 years?

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(See Steps) Financial markets Your parents gave you $5,000 as a graduation gift. You don’t need the money right away so you decide to put the money in the

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