How do you solve this math problem?

Question

Joseph has $10,000 to invest. He can go to Yankee Bank that pays 5% simple interest or Met Bank that pays 4% interest compounded annually. At how many years will Met Bank be the better choice?

Answer 1

6 years

1 year

Yankee 10,000 +5%= 10,500

Met 10,000(1.04) = 10,400

2 years

Yankee 11,000

Met 10,000(1.04)^2 = 10,816

3 years

Yankee 11,500

Met 10,000(1.04)^3 = 11,248.24

4 years

Yankee 12,000

Met 10,000(1.04)^4 = 11.698.59

5 years

Yankee 12,500

Met 10,000(1.04)^5 = 12,166.53

6 years

Yankee 13,000

Met 10,000(1.04)^6 = 12,653.19

in the 6th year Met is better return

Yankee is a better return in 5 or less years

Met is a better return in 6 or more years