Multiple Choice
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.
Correct Answer:
Verified
Correct Answer:
Verified
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