Problem
The local bank advertised an investment program with an annual 16% interest rate, compounded quarterly. You can also choose to invest your money at the local branch of an out-of-town bank that will give you an annual interest rate of 17.5%. How much more will you gain or lose per year if you invest $1,000 at the local bank instead of at the out-of-town bank?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.