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You have a choice to invest in one of three different college funds to saveup...

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Basic Math

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You have a choice to invest in one of three different college funds to saveup for college. You need to save at least $14,000 for your first year. Inwhich of the three accounts do you choose to invest your money given thatyou have $10,000 to invest and you would like to accrue as much interestas possible?Account 1: An annual interest rate of 3.5% compounded quarterly for 10years.Account 2: An annual interest rate of 3.6% compounded continuously for10 years.Account 3: An annual interest rate of 3.2% compounded annually for 10years.You choose account #1You choose account #2You choose account # 3You choose to look for a different savings account because none of the options help you save$14,000.

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