A bank offers a savings account which pays 3% interest per year. The amount of money in the account after t years is represented by the expression P(1 + I/n)^nt, where P represents the initial amount of money invested, n represents the number of times per year the interest is compounded, i represents the interest rate, and t represents the number of years the money has been invested. Which statement describes what happens with the savings account when the interest is compounded monthly instead of yearly? Select two that apply.
