Question

Gabriel is comparing three investment accounts offering different rates.

Account A: APR of 2.85% compounding monthly
Account B: APR of 2.98% compounding quarterly
Account C: APR of 2.90% compounding daily

Which account will give Gabriel at least a 3% annual yield?

Answer 1

account c is the best deal

Answer 2

its the classic would u rather have a million dollars or a penny that doubles everyday scenario

Answer 3

the answer isn't C, but you would use this formula

APY = (1+r/n)^n - 1

where

r = APR

n = compounding frequency

Answer 4

the anser is soo C

Answer 5

it would make you the most money

Answer 6

the question basically asks which is best since it says at least 3 percent

Answer 7

APY = (1+r/n)^n - 1

APY = (1+0.029/365)^365 - 1

APY = 0.02942340858506

APY = 2.942%

so it's not 3% or over 3%

Answer 8

just think about which one has the best value

Answer 9

well this is counter-intuitive