Suppose that Nora invested $800 at 8.5 % compounded annually for 7 years and Patti invested $800 at 8 % compounded quarterly for 7 years. At the end of 7 years, who will have the most money and by how much (to the nearest dollar)?
A) Patti by $23
B) Nora by $18
C) Patti by $18
D) Nora by $23
E) They will have equal amounts of money.

Question

Suppose that Nora invested $800 at 8.5 % compounded annually for 7 years and Patti invested $800  at 8 % compounded quarterly for 7  years. At the end of 7 years, who will have the most money and by how much (to the nearest dollar)?
A) Patti by $23
B) Nora by $18
C) Patti by $18
D) Nora by $23
E) They will have equal amounts of money.

Quizplus · Accepted Answer

The Answer of Suppose that Nora invested $800 at 8.5 % compounded annually for 7 years and Patti invested $800  at 8 % compounded quarterly for 7  years. At the end of 7 years, who will have the most money and by how much (to the nearest dollar)?
A) Patti by $23
B) Nora by $18
C) Patti by $18
D) Nora by $23
E) They will have equal amounts of money.

Suppose That Nora Invested $800 at 8