Show your work on a separate sheet of paper.
You deposit $2200 in a bank account that pays 3% annual interest compounded quarterly. Find the balance after 4 years. Round to the nearest cent.
You deposit $2200 in a bank account that pays 3% annual interest compounded monthly. Find the balance after 4 years. Round to the nearest cent.
You deposit $2200 in a bank account that pays 3% annual interest compounded daily. Find the balance after 4 years. Round to the nearest cent.
Looking at the three situations in questions #1-3, which account pays you the most interest?