Provide an appropriate response.Anne and Michael both put $5000 in a savings account. Anne gets 8% APR compounded monthly. In Michael's account, the interest is compounded annually. Two years later the amount in Anne's account is exactly the same as the amount in Michael's account. What can you conclude about the interest rate for Michael's account?
A. It is equal to 8% APR.
B. There is not enough information to determine whether it is greater or less than 8% APR.
C. It is greater than 8% APR.
D. It is less than 8% APR.
Answer: C
Mathematics
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