Emily and Emma both have investment accounts that earn 12% per annum. Emily deposits $16,000 at the start of each year into her account. Emma also deposits $16,000 into her account but at the start of each year. Who will have the higher account balance at the end of 10 years?

A) Emma

B) Emily

C) Both will have the same account balance.

D) Not enough information to determine.

Thomas is considering using a loan to purchase a motor vehicle. Bank A offers him a loan with 11.0% interest compounded quarterly. Bank B offers him a loan with 11.3% annual compounding. Which banks loan is more favourable for Thomas?

A) Bank A

B) Bank B

C) Impossible to determine.

D) Both rates are the same.