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Solve the Problem 9%9 \% Compounded Monthly Or 914%9 \frac { 1 } { 4 } \%

Question 200

Multiple Choice

Solve the problem.
-Which of the two rates would yield the larger amount in 1 year: 9%9 \% compounded monthly or 914%9 \frac { 1 } { 4 } \% compounded annually?


A) 9%9 \% compounded monthly
B) 914%9 \frac { 1 } { 4 } \% compounded annually
C) They will yield the same amount.

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