Answer
The continuous compounding at $ 5.6\%$ does not result in the needed amount.
The other bank offers a better deal.
Work Step by Step
The amount A after t years due to a principal P
invested at an annual interest rate r, expressed as a decimal,
compounded n times per year is $A=P\displaystyle \cdot(1+\frac{r}{n})^{nt}$
If compounding is continuous, $A=Pe^{rt}$
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Continuous compounding, $r=0.056, t=1, P=1000.$
$ A=1000e^{(0.056)(1)}={{\$}} 1057.60,$
which is not enough ( needs ${{\$}} 1060)$.
The other bank offers $r=0.059, $compounded $n=12$ times per year:
$A=1000\displaystyle \left(1+\frac{0.059}{12}\right)^{12}={{\$}} 1060.62,$
which is enough, so this is the better deal.
