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Amy deposited $1,000 into an account that earns 8% annual interest compounded every 6 months.
Bob deposited $1,000 into an account that earns 8% annual interest compounded quarterly.
If neither Amy nor Bob makes any additional deposits or withdrawals, in 6 months how much more money will Bob have in his account than will Amy have in hers?
(A) $40
(B) $8
(C) $4
(D) $0.40
(E) $0.04
Answer: D
Source: Manhattan GMAT
Bob deposited $1,000 into an account that earns 8% annual interest compounded quarterly.
If neither Amy nor Bob makes any additional deposits or withdrawals, in 6 months how much more money will Bob have in his account than will Amy have in hers?
(A) $40
(B) $8
(C) $4
(D) $0.40
(E) $0.04
Answer: D
Source: Manhattan GMAT
