John wants to deposit $1000 as a principle amount, with an interest of 4% compounded quarterly. cayden wants to deposit $1000 as the principle amount, with an interest of 3% compounded monthly. explain which method results in more money after 5 years. show all work.

John will get more money after 5 years.

Step-by-step explanation:

To calculate compound interest we use the formula

A = Amount

P = Principal

r = Rate of interest ( in decimal )

n = number of compounding period (quarterly = 4) (monthly = 12)

t = time in years

John wants to deposit $1000 with an interest of 4% compounded quarterly for 5 years.

A = 1000 ( 1.22019 )

A = $1220.19

John will get $220.19 as interest after 5 years.

Cayden wants to deposit $1,000 with an interest of 3% compounded monthly for 5 years.

A = 1,000 ( 1.161617 )

A = 1161.62

Cayden will get $161.62 as interest after 5 years.

Therefore, John will get more money after 5 years.

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step-by-step explanation:

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