Choose the One Alternative That Best Completes the Statement or Answers

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
Solve the problem.
-Which of the two rates would yield the larger amount in 1 year: $9 \%$ compounded monthly or $9 \frac { 1 } { 4 } \%$ compounded annually?

A) $9 \%$ compounded monthly
B) $9 \frac { 1 } { 4 } \%$ compounded annually
C) They will yield the same amount.