The Continental Bank advertises capital savings at

6.2%

compounded

annually

while TD Canada Trust offers premium savings at

6.05%

compounded

monthly.

Suppose you have

$1500

to invest for two years.

(a) Which deposit will earn more interest?

(b) What is the difference in the amount of interest?

(a) The

Continental Bank

TD Canada Trust

savings account will earn more interest.(b) The difference is

$nothing.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)