7. Joe deposits $500 in an account that earns 2.5% interest compounded annually and keeps the money in the account for 3 years. Rick deposits $500 in an account that earns 5.1% interest compounded annually and keeps the money in the account for two years.

a. How much will each person have when they close their account? Which account is a better investment?

b. What is the difference in the amount of interest earned between the accounts when they are closed?