Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300 as a principle amount, with a

Question

3 years ago

11

Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300 as a principle amount, with a

n interest of 3% compounded quarterly. Brooklyn wants to deposit $300 as the principle amount, with an interest of 5% compounded monthly. What method shoud they use in order to earn more money after two year?

Mathematics

1 answer:

liraira [26] · Answer 1 · 2022-04-03T00:28:53+03:00

liraira [26]3 years ago

8 0

After solving:

Brooklyn's future worth ($331.48), which was compounded monthly is greater than Patrick's ($<span>318.48), which was compounded quarterly. Therefore to earn more money in two years, compounded monthly is better than compounded quarterly.</span>