Ariana has $1000 to put in a savings account. She is choosing between two banks. Bank A offers 7% compounded quarterly and Bank B offers 7.1% compounded semiannually. If Ariana plans on keeping her money in a savings account for a year, which bank would pay her more in interest, and by how much?

A. Bank B by 40 cents
B. Bank A by 40 cents
C. Bank A by 33 cents
D. Bank B by 33 cents

Question

Ariana has $1000 to put in a savings account. She is choosing between two banks. Bank A offers 7% compounded quarterly and Bank B offers 7.1% compounded semiannually. If Ariana plans on keeping her money in a savings account for a year, which bank would pay her more in interest, and by how much?

 		A.	Bank B by 40 cents
 		B.	Bank A by 40 cents
 		C.	Bank A by 33 cents
 		D.	Bank B by 33 cents