Solve.How much money will Lyle have in 9 years is he invests $5000 at 16% annual rate of interest compounded quarterly? How much will he have if it is compounded monthly? Use the interest formula 
. Round the answers to the nearest cent.
A. $5772.76 when compounded quarterly
$20,903.62 when compounded monthly
B. $20,519.66 when compounded quarterly
$85,773.25 when compounded monthly
C. $20,519.66 when compounded quarterly
$20,903.62 when compounded monthly
D. $5772.76 when compounded quarterly
$5773.87 when compounded monthly
Answer: C
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