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.

Question 1139230: 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 Alan3354(69443) (Show Source): You can put this solution on YOUR website!
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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Step 1, find the compound interest.
Step 2, find the simple interest.
Step 3, subtract.
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If you don't know how to do Steps 1 & 2, it might be because you posted earlier problems, and just "got the answer" and didn't learn how to do it.

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