Track / Stage 5 / 29 of 400 #629 of 1964

Problem 629

AIME late

Algebra Difficulty 5.1 Find the answer

# Task 7.

1000 rubles are deposited in a bank for 8 years. In which case will the depositor receive more money: if the bank accrues $4 \%$ once a year, or if it accrues $\frac{1}{3} \%$ once a month.

The source for this one didn't record the answer, so there is nothing to check what you type against. Work it on paper and mark yourself against the solution below.

Official solution

The answer must be justified.

Source: NuminaMath-1.5, licensed Apache-2.0. Statement and solution reproduced as published; topic, difficulty and ordering added by this site.