College Algebra Help Please

Question

Ellen has recently inherited $5400, which she wants to deposit into a CD account. She has determined that her two best bets are an account that compounds semi-annually at an annual rate of 4.1% (Account 1) and an account that compounds quarterly at an annual rate of 5.3% (Account 2).How much would Ellen's balance be from Account 2 over 4.7 years

Answer 1

the second option has a higher interest rate and compounds more frequently

5400 (1 + 0.041/2)^(4.7*2) = 6534.86

vs

5400 ( 1 + 0.053/4)^(4.7*4) = 6,916.18