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Kaylene deposits $275per month in an investment account that earns 3% compounded monthly for 10years. Gabe , on the other hand, deposits $3,300 at the
Kaylenedeposits $275per month in an investment account that earns 3% compounded monthly for 10years.
Gabe, on the other hand, deposits $3,300 at the end of each year into a similar account that also earns 3% compounded annually for 10years.
Even though they each contribute the same amount of principal with the same APR and length of investment time, who comes out ahead and by how much?
Who comes out ahead?
How much more does he/she have?
Round to the nearest dollar.
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