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Compare Accounts A and B. Then complete the sentences.
There are two rectangles. The first rectangle with heading Account A and content principal: $16,000; annual interest: 3%, compound quarterly number of years: 10 and the second rectangle with heading Account B and content principal: $16,000; annual interest: 3%, compound monthly number of years: 10.

Account
is worth the most after 10 years. It will have a value of $
.

The account that would be worth more in 10 years is Account B and it would have a value of  $21,589.66.

The formula that can be used to determine the value of the accounts after 10 years is:

FV = P (1 + r)^nm

Account A:

$16,000 x (1 + 3%/4)^(4 x 10)

$16,000 x (1.0075)^40 = $21,573.58

Account B:

$16,000 x (1 + 3%/12)^(12 x 10)

$16,000 x (1.0025)^120 = $21,589.66

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Account B

Value=$21,589.66

Step-by-step explanation:

#We determine the compounded amount after 10 years for each account using the formula:

#For account A:

Given principal is $16,000, i=3% and n=10, m=4:

#For account B:

Given principal is $16,000, i=3% and n=10, m=12:

We compare the amounts after 10 years and get the difference:

Hence, account B has the most value after 10 years and has a value of $21,589.66