Question

PLLZZZZZZZZZZ!How much more money is earned on $3,000 invested at 4% interest compounded annually for 20 years than $3,000 invested at a simple interest rate of 4% for 20 years?

Answer 1

$1,173.37 more with compound interest.

Explanation:

Compound

3,000 * 1.04^20 = 6,573.37

Simple

3,000 * 1.80 = 5,400.00