John wants to deposit $1000 as a principle amount, with an interest of 4% compounded quarterly. cayden wants to deposit $1000 as the principle amount, with an interest of 3% compounded monthly. explain which method results in more money after 5 years. show all work.

John = $1220.19

Cayden = 1161.62

Step-by-step explanation:

To find how much they'll both get, we can use the formula:

First let's start with John.

P = 1000

r = 4% or 0.04

t = 5

n = 4 (Quarterly)

Now let's compute for Cayden's.

P = 1000

r = 3% or 0.03

t = 5

n = 12 (Monthly)

The monthly compounding gets more yield compared to the quarterly compounding due to the number of times the amount of times it increases per year.

step-by-step explanation:

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