Question

Medal will be awarded
Patrick and Brooklyn are making decisions about their bank accounts. Patrick wants to deposit $300 as a principle amount, with an interest of 3% compounded quarterly. Brooklyn wants to deposit $300 as the principle amount, with an interest of 5% compounded monthly. Explain which method results in more money after 2 years. Show all work.

Answer 1

please help

Answer 2

3% compounded quarterly
\[300\times \left(1+\frac{.03}{4}\right)^{4\times 2}\]

Answer 3

5% compounded monthly
\[300\times \left(1+\frac{.05}{12}\right)^{2\times 12}\]

Answer 4

i think the first method is better