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At the start of every week, John goes to the bank and deposits $125 from his...

At the start of every week, John goes to the bank and deposits $125 from his last paycheck in a savings account paying a nominal 5.2% annual interest, compounded weekly. At the end of every month, his coworker Cathy deposits $500 in an account paying a nominal rate of 6% compounded monthly. Assuming they both started saving at the same time and continue for 20 years, what will be the difference (in $) between their respective balances at the end of 20 years.

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Answer #1

Difference (in $) between their respective balances = $231020.45 - 228468.40 = $2552.05

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