How much more would $5,656.30 earn in 5 years, compounded monthly at 4.1%, when compared to the interest on $5,656.30 over 5 years, at 4.1% compounded quarterly?

Answer:[tex]\$4.81[/tex]Step-by-step explanation:we know that    The compound interest formula is equal to  [tex]A=P(1+\frac{r}{n})^{nt}[/tex]  where  A is the Final Investment Value  P is the Principal amount of money to be invested  r is the rate of interest  in decimal t is Number of Time Periods  n is the number of times interest is compounded per year step 1in this problem we have  [tex]t=5\ years\\ P=\$5,656.30\\ r=0.041\\n=12[/tex]  substitute in the formula above  [tex]A=\$5,656.30(1+\frac{0.041}{12})^{12*5}=\$6,940.82[/tex]  step 2in this problem we have  [tex]t=5\ years\\ P=\$5,656.30\\ r=0.041\\n=4[/tex]  substitute in the formula above  [tex]A=\$5,656.30(1+\frac{0.041}{4})^{4*5}=\$6,936.01[/tex]  step 3Find the difference[tex]\$6,940.82-\$6,936.01=\$4.81[/tex]