Carter deposits $200 into a new savings account that pays 6% simple interest annually. Reese deposits $200 into a new savings account that pays 6% compounded interest. If both Carter and Reese deposit in their accounts for 6 years, how much more will Reeses deposit earn in interest that Carters deposit?

COMPOUND INTEREST

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Carter deposits $200 into a new savings account that pays 6% simple interest annually. Reese deposits $200 into a new savings account that pays 6% compounded interest. If both Carter and Reese deposit in their accounts for 6 years, how much more will Reese’s deposit earn in interest that Carter’s deposit?

A	$0
B	$11.70
C	$70.20
D	$90.00

Explanation:

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

COMPOUND INTEREST