How much more would $5,656.30 earn in 5 years, compounded monthly at 4.1%, when compared to the interest on $5,656.30 over 5 years, at 4.1% compounded quarterly?

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

step 1

in this problem we have  

substitute in the formula above  

step 2

in this problem we have  

substitute in the formula above  

step 3

Find the difference