Question:

Tessa has recently inherited $5600, which she wants to

Last updated: 7/19/2022

Tessa has recently inherited $5600, which she wants to

Tessa has recently inherited $5600, which she wants to deposit into a CD account. She has determined that her two best bets are an account that compounds monthly at an annual rate of 4.7% (Account 1) and an account that compounds semi-annually at an annual rate of 5.1% Which account would pay Tessa more interest?