Solve the Problem $9 \%$ Compounded Monthly Or $9 \frac { 1 } { 4 } \%$

question 200

Multiple Choice

Solve the problem.
-Which of the two rates would yield the larger amount in 1 year: $9 \%$ compounded monthly or $9 \frac { 1 } { 4 } \%$ compounded annually?

• A) \(9 \%\) compounded monthly
• B) \(9 \frac { 1 } { 4 } \%\) compounded annually
• C) They will yield the same amount.

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