Patrick and brooklyn are making decisions about their bank accounts. patrick wants to deposit $300 as a principle amount, with an interest of 3% compounded quarterly. brooklyn wants to deposit $300 as the principle amount, with an interest of 5% compounded monthly. explain which method results in more money after 2 years. show all work.

The correct answer is:

Brookyln's method results in more money after 2 years.

Explanation:

The formula for compound interest is:

,

where A is the total amount, p is the principal invested, r is the interest rate as a decimal number, n is the number of times the interest is compounded per year, and t is the number of years.

For Patrick's method, p = $300; r = 3% = 3/100 = 0.03; n = 4; and t = 2:

For Brooklyn's method, p = $300; r = 5% = 5/100 = 0.05; n = 12; and t = 2:

Brooklyn's method makes more money in 2 years.

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