You have been saving money for the past few years and have saved $5000 in cash. The goal has been to save up enough money to buy a house. You decided that it would be better to invest the money in a bank until you are ready to make your big purchase. After speaking with a bank representative, you are given two different investment options.
1. pays 6.5% per year, compounded quarterly for 10 years.
2. pays 6.5% per year, compounded continuously for 10 years.