Question

3 which bank account has a larger balance?

Bank account A, or Bank account B?
Bank Account A
$4750 deposit,
1
annual interest rate of 3.75%, !
Compounded continuously,
for 7 years.
I
1
Bank Account B
$ 5100 deposit,
annual interest rate 3.875%,
compounded monthly,
for 5 years.

Answer 1

Account A:

`4750 {e}^(.0375 * 7) = 6175.84`

Account B:

`5100 {(1 + (.03875)/(12)) }^(12 * 5) = 6188.41`

Account B has a larger balance.