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    Compound Interest of Bank Accounts

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    A bank offers two types of interest accounts. The first account receives 8% interest compounded quarterly. The second account receives 6% interest compounded continuously. Which account is better and why?

    © BrainMass Inc. brainmass.com March 4, 2021, 5:50 pm ad1c9bdddf
    https://brainmass.com/business/interest-rates/compound-interest-bank-accounts-13761

    Solution Summary

    The solution discusses why one account is better than the other based on their interest compounded.

    $2.49

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