the first bank and trust offers customers a simple interest rate of 5.5% on all savings accounts for up to 10 years. The metropolitan savings and loan offers customers a compound interest rate of 4.5% on all savings accounts for up to 10 years.
Lewis has $4000 to deposit into a savings account for 5 years, but has not decided which financial institution to use. Which offer is better for him to use if he only leaves his money in the account for 5 years?​