Question 1131500
{{{ I[1] = P*r*t }}}
{{{ I[1] = 3000*.08*4 }}}
{{{ I[1] = 960 }}}
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{{{ A = P*( 1 + r/n )^(n*t) }}}
{{{ A = 3000*( 1 + .08/1 )^( 1*4 ) }}}
{{{ A = 3000*1.08^4 }}}
{{{ A = 3000*1.3605 }}}
{{{ A = 4081.47 }}}
{{{ I[2] = 4081.47 - 3000 }}}
{{{ I[2] = 1081.47 }}}
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{{{ 1081.47 - 960 = 121.47 }}}
$121.47 difference
I'm assuming both interest rates are annual rates
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