Mike has a choice of an account that compounds daily and an account that compounds monthly. If they both have the same interest rate, which will earn more interest?

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agfarris03 agfarris03

18-02-2019
Mathematics

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Mike has a choice of an account that compounds daily and an account that compounds monthly. If they both have the same interest rate, which will earn more interest?

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chisnau chisnau · Answer 1 · 2019-02-28T11:13:48+01:00

Mike has a choice of an account that compounds daily and an account that compounds monthly. If they both have the same interest rate, which will earn more interest?

Answer:

Account that is being compounded on a daily basis will earn more interest. This is because in simple words, one is getting some interest on a daily basis and one will yield an 'interest on interest'. Whereas in a monthly compounded account Mike will earn less interest.