Peter invests $100,000 in an account that pays 10% annual interest: the interest is paid once, at the end of the year. Martha invests $100,000 in an account that pays 10% annual interest, compounding monthly at the end of each month. At the end of one full year, compared to Peter's account, approximately how much more does Martha’s account have? Select:
A) $471.31 B) $4713.10 C) $47.13 D) $4.71 E) Zero
Peters interest= $100,000*0.10 = $10,000 or $833.33 each month.   Martha’s interest, 10%/12 = 0.833% each month:   For the 1st month = $100,000*0.00833 = $833.33;   For the 2nd month = $833.33 + 0.833% of 833.33 = ~$840, so we would have interest earned on interest (very small amount);   For the 3rd month = $840 + 0.833% of 840 = ~$847;   For the 4th month = $847 + 0.833% of 847 = ~$854;   ...   For the 12th month = $905 + 0.833% of 905 = ~$912.   The difference between Peters interest and Martha’s interest = ~(7 + 14 + ... + 77) = $462.   $471.31nswer: $471.31.
<result>A</result>
Peter invests $100,000 in an account that pays 10% annual interest: the interest is paid once, at the end of the year. Martha invests $100,000 in an account that pays 10% annual interest, compounding monthly at the end of each month. At the end of one full year, compared to Peter's account, approximately how much more does Martha’s account have?