The Continental Bank advertises capital savings at 6.7% compounded annually while TD Canada Trust offers premium savings at 6.5% compounded monthly. Suppose you have $3000

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 Bank? Trust savings account will earn more interest. Which one?

b) The difference is $ ____.?

Please explain step by step.

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