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Avery invested $8,600 in an account paying an interest rate of 3 1/2 % compounded monthly. Anthony invested $8,600 in an account paying an interest rate of 3 3/8% compounded quarterly. After 9 years, how much more money would Avery have in her account than Anthony, to the nearest dollar?

Avery would have $120.4 more than Anthony.

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

Considering Avery's investment,

P = 8600

r = 3.5% = 3.5/100 = 0.035

n = 12 because it was compounded 12 times in a year.

t = 9 years

Therefore,.

A = 8600(1+0.035/12)^12 × 9

A = 8600(1.0029)^108

A = 8600(1.0029)^108

A = 8600 × 1.367

A = $11756.2

Considering Anthony's investment,

P = 8600

r = 3.375% = 3.375/100 = 0.03375

n = 4 because it was compounded 4 times in a year.

t = 9 years

Therefore,.

A = 8600(1+0.03375/4)^4 × 9

A = 8600(1+ 0.0084375^36

A = 8600(1.0084375)^36

A = 8600 × 1.353

A = $11635.8

The difference in the amount in both accounts is

11756.2 - 11635.8 = $120.4

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step-by-step explanation: