Planters Bank Pays 5 Percent Simple Interest on Its Savings

question 68

Multiple Choice

Planters Bank pays 5 percent simple interest on its savings account balances,whereas Centura Bank pays 5 percent compounded annually.If you made a $12,000 deposit in each bank,how much more money would you earn from your Centura Bank account at the end of 20 years?

• A)$7,155.84
• B)$7,839.57
• C)$7,960.47
• D)$8,400.09
• E)$8,784.14

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