Question Example Step by Step Tim has $6,300 in a savings account at a bank. Since the bank pays him 1% per year, it will take approximately 8 years for Tim's savings to reach $6,800. He is considering a different savings account that pays 1%, but this time it is compounded monthly. (When interest is compounded monthly, the bank pays interest every month instead of every year. The nt function representing compounded interest is $ (t) = P , where P is the principal, or initial deposit in the account, r is the interest rate, n is the number of times the interest is compounded per year, t is the year, and S (t) is the savings after t years.) How many years will it take him to earn $500 at this bank? Would switching make much difference? Complete the explanation. If necessary, round to the nearest whole number. It will take Tim year(s) to earn $500 at this bank. Since both accounts will reach $6,800 in about year(s), switching (select) make much difference