Suppose that Nora invested $400 at 6.25% compounded annually for 8 years and Patti invested $400 at 6% compounded quarterly for 8 years. At the end of 8 years, who will have the most money and by how much (to the nearest dollar)?
A. Patti by $6
B. Nora by $3
C. Patti by $3
D. Nora by $6
E. They will have equal amounts of money.
Answer: D
Mathematics
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