Person A deposits $2700 in an account that pays 5% interest compounded once a year. Person B deposits $2350 in an account that pays 6% interest compounded monthly. Complete parts (a) through (c)...

Extracted text: Person A deposits $2700 in an account that pays 5% interest compounded once a year. Person B deposits $2350 in an account that pays 6% interest compounded monthly. Complete parts (a) through (c) below. Click the icon to view some finance formulas. ..... a. Who will have more money in their account after one year? How much more? Select the correct choice below and fill in the answer box within your choice. (Round to the nearest dollar as needed.) O A. Person B will have $ more than Person A. O B. Person A will have $ more than Person B. Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. nt A A= P = A =Pert Y = - 1 nt 1+