Question 1 (Essay Worth 10 points)
(05.01 HC)
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Larry and Peggy are making decisions about their bank accounts, Larry wants to deposit $350 as a principal amount, with an interest of 4% compounded quarterly
Peggy wants to deposit $350 as the principal amount, with an interest of 6% compounded monthly. Explain which method results in more money after 2 years. Show all
work.