A recent college graduate is looking to begin saving for retirement. Option A is a savings account with 3.5% annual simple interest. Option B is a savings account with 3.5% annual interest compounded monthly. If the principal investment is the same for both options, which account would have a larger balance after 10 years?

Answer rating: 100% (QA)

The account with interest compounded monthly Option B will have a larger balance after 10 years Here... View the full answer