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How much more interest is earned on an investment of $12,585 at 3.5% interest over 5 years if the interest is compounded annually rather than earning simple interest? a. They are the same. b. $159.65 c. $2,362.03 d. $12,744.65 Please select the best answer from the choices provided A B C D

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Answer:

Compounded annually, your total account is 12585 * 1.035^5=14947.032156. Subtracting the original amount, you get 2362.03 total interest. $2362.03-2202.375=$159.66 more interest earned when compounded annually, versus simple interest.

Explanation:

Answer:

The answer is B.) 159.65

Explanation:

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