At the end of a five-year period who will have the greatest amount of money saved?
- Edgar who deposited $10,000 at the beginning of the period and saw his money grow at a rate of 5% per year (compounded annually).
- Francis who made annual contributions of $2,000 at the beginning of each year and saw her money grow at a rate of 7% (compounded annually).
- Grant who made monthly deposits of $165 at the end of each month and received an 8% rate of return (compounded monthly).
- All will have the same amount at the end of 5 years.