Problem
Midwest Bank offers a return of 5% compounded annually for each and every year. The rival BFB offers a return of 3% for the first year and 7% in the second and subsequent years (both compounded annually). Which bank would you choose to invest in if you decided to invest a principal for (a) 2 years; (b) 3 years?
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.