The local bank pays 4% interest on savings deposits. In a nearby town, the bank pays 1% per quarter. A man who has $3000 to deposit wonders whether the higher interest paid in the nearby town...

Extracted text: The local bank pays 4% interest on savings deposits. In a nearby town, the bank pays 1% per quarter. A man who has $3000 to deposit wonders whether the higher interest paid in the nearby town justifies driving there. 1. How much will the man receive after 2 years if he used the local bank? The answer is closest to: $3123 $3246 $3060 $3186