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Suppose you and your brother each invest $5000 in a bank account. Both banks offer...

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Basic Math

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Suppose you and your brother each invest $5000 in a bank account. Both banks offer 6.5% annual interest. However, your brother's account is compounded annually, while yours is compounded monthly. a. How much do each of you have in your accounts after 3 years? b. How much more is your account worth than your brother's after 100 years? Find the Absolute difference (one is this many dollars more than the other) and the relative difference (one is this percent more than the other). c. What is the r ='annual percentage yield' for the account that is compounded monthly?

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