ECONOMICS (CBSE/UGC NET)

ECONOMICS

COMPOUND INTEREST

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Miguel deposits $1, 000 into a new savings account that pays 4% simple interest annually. Valeria deposits $1, 000 into a new savings account that pays 4% interest compounded annually. After 4 years, what will be the difference between the interest earned on Miguel’s $1, 000 deposit and the interest earned on Valeria’s $1, 000 deposit?
A
$0.73
B
$9.86
C
$35.14
D
$48.85
Explanation: 
There is 1 question to complete.