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Simple Interest versus Compound Interest

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Simple Interest versus Compound Interest. First Mark Bank pays 6 percent
simple interest on its savings account balances, whereas First Mullineaux Bank pays
6 percent interest compounded annually. If you made a $5,000 deposit in each bank, how much more money would you earn from your First Mullineaux Bank account at the end of 10 years?

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Solution Summary

The solution explains how to calculate simple interest and compound interest

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In simple interest the formula is SI=P*R*T=5000*0.06*10=3000. The interest earned under simple ...

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