Question

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

the equation I use is A = P(1 + r)^x , right?

Answer 2

I know how to solve it the only question I have is do I put (1 + r) or (1 - r) ??

Answer 3

@Nnesha @aaronq