Concept explainers
To find: better card offer between Manual and city card.
Answer to Problem 3PPS
City card would be better as compare to Manual card.
Explanation of Solution
Given:
The annual compound interest rate for Manual card is
The monthly compound interest rate for City card is
Calculation:
Let the constant principal for both the card as
Amount for Manual card,
Amount for City card,
Thus, the amount for one year is less in City card and hence interest will be less as compare to Manual card.
Hence, City card would be better as compare to Manual card.
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