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PLEASE!!!! HELP ME!!!! Andrew has $2300 to invest for the next 10 years. He has three options for investment. Option A: The interest rate is 3% compounded monthly. Option B: The…

PLEASE!!!! HELP ME!!!! Andrew has $2300 to invest for the next 10 years. He has three options for investment. Option A: The interest rate is 3% compounded monthly. Option B: The…
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5 votes
PLEASE!!!! HELP ME!!!!

Andrew has $2300 to invest for the next 10 years. He has three options for investment.

Option A: The interest rate is 3% compounded monthly.

Option B: The interest rate is 5% compounded quarterly.

Option C: The interest rate is 7% compounded annually.

Which option yields the greatest return on Andrew's investment?

asked
User Bosko Skrbina
by
7.8k points

1 Answer

5 votes

Answer:

Option A yeilds the greatest return as it is compounded monthly

answered
User Rsano
by
7.7k points
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