Steven's savings account switches from compounding interest annually to quarterly. His account earns 3% interest yearly. Steven puts $500 into his account and leaves it for five years. How much more money will he have in his account due to switching from annually to quarterly compounding?

$0.95 more.

Step-by-step explanation:

The principal of $500, when invested at APR of 3% for 5 years compounded annually will become

dollars.

Again, the principal of $500, when invested at APR of 3% for 5 years compounded quarterly will become

dollars.

Therefore, Steven will have $(580.59 - 579.64) = $0.95 more money in his account due to switching from annually to quarterly compounding. (Answer)

  2087568668/1  

step-by-step explanation:

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step-by-step explanation: