Leo wishes to invest $8 000.00 that he saved from his summer job. His bank offers 3.75% for a one-year term investment or 3.5% for a six-month term. Help Leo to investigate his options.
a) How much will Leo receive after one year if he invests at the one-year rate?
b) How much will Leo receive after one-year if he invests for six-months at a time at 3.5% each time?