58.April would like to invest $200 in the bank for one year. Three banks all have a nominal APR of 1.5%, but compound the interest differently.
a. Bank A computes interest just once at the end of the year. What would April’s balance be after one year with this bank?

Since the bank in question compounds interest just once, and this is a one year investment, it can be treated as a simple rate interest problem. Therefore, the total balance after one year (B) is given by the following formula:

[tex]B= 200*(1+i)\\B= 200*(1+0.015)\\\\B= 203[/tex]

April's balance would be $203.00 after one year.

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58.April would like to invest $200 in the bank for one year. Three banks all have a nominal APR of 1.5%, but compound the interest differently. a. Bank A computes interest just once at the end of the year. What would April’s balance be after one year with this bank?

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58.April would like to invest $200 in the bank for one year. Three banks all have a nominal APR of 1.5%, but compound the interest differently.
a. Bank A computes interest just once at the end of the year. What would April’s balance be after one year with this bank?