Suppose that Nora invested $400 at 8.5% compounded annually for 6 years and Patti invested $400 at 8% compounded quarterly for 6 years. At the end of 6 years, who will have the most money and by how much (to the nearest dollar)?
A. Patti by $9
B. Nora by $1
C. Patti by $1
D. Nora by $9
E. They will have equal amounts of money.
Answer: D
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