SOLUTION: Find the difference between the simple interest earned and the compound interest earned, compounded yearly, on an amount of R4 240 at 6% interest per year for 3 years.

SOLUTION: Find the difference between the simple interest earned and the compound interest earned, compounded yearly, on an amount of R4 240 at 6% interest per year for 3 years.

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Question 1139214: Find the difference between the simple interest earned and the compound interest earned, compounded
yearly, on an amount of R4 240 at 6% interest per year for 3 years.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
simple is prt=4240*.06*3=R763.2, and that is added to the original principal of 4240 to get R5003.3
compound is 4240(1.06)^3=R5049.91
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