Who Comes Out Ahead? Consider the following pairs of savings plans. Compare the balances in each plan after 10 years. In each case, which person deposited more money in the plan? Which of the two investment strategies do you believe was better? Assume that the compounding and payment periods are the same.
Polly deposits $50 per month in an account with an APR of 6%, while Quint deposits $40 per month in an account with an APR of 6.5%.
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