Question

todd's local bank offers 4% interest compounded monthly. the intermet bank offers 4% compounded daily if todd invests $400 for 10 years what is the difference in the interest earned from the bank?

$0.39
$1.49
$3.90
$14.90

Answer 1

\[400\times (1+\frac{.04}{365})^{3650}-400\times (1+\frac{.04}{12})^{120}\]should do it