Use the Formula A $A = P \left( 1 + \frac { r } { n } \right) ^ { n t } \text { to solve. }$

Multiple Choice

Use the formula A $A = P \left( 1 + \frac { r } { n } \right) ^ { n t } \text { to solve. }$
-Suppose that you have $7000 to invest. Which investment yields the greater return over 6 years: 6.6% compounded monthly or 6.7% compounded quarterly?

A) $7000 invested at 6.6% compounded monthly over 6 years yields the greater return.
B) Both investment plans yield the same return.
C) $7000 invested at 6.7% compounded quarterly over 6 years yields the greater return.