Problem
Barry, a recent engineering graduate, never took engineering economics. When he graduated, he was hired by a prominent architectural firm. The earnings from this job allowed him to deposit $750 each quarter into a savings account. There were two banks that offered savings accounts in his town (a small town!). The first bank was offering 4.5% interest compounded continuously. The second bank offered 4.6% compounded monthly. Barry decided to deposit in the first bank because it offered continuous compounding. Did he make the right decision?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.