SOLUTION: 3) Which is the better choice: $1000 deposited for a year at a rate of 5.5% compounded 3) quarterly or at a rate of 5.4% compounded monthly

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Question 1059560: 3) Which is the better choice: $1000 deposited for a year at a rate of 5.5% compounded 3) quarterly or at a rate of 5.4% compounded monthly
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
1000(1+(0.055/4))^4 = 1,056.14
1000(1+(0.054/12))^12 = ?
Do the math to find your answers. Remember to work from the inside out.