Western Bank pays 5 percent simple interest on its savings account balances, whereas Eastern Bank pays 5 percent compounded annually.If you deposited $6,000in each bank, how much more money would you earn from the Eastern Bank account at the end of 3 years?
A)$55.84
B)$45.75
C)$60.47
D)$40.09
E)$50.14

Question

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The Answer of Western Bank pays 5 percent simple interest on its savings account balances, whereas Eastern Bank pays 5 percent compounded annually.If you deposited $6,000in each bank, how much more money would you earn from the Eastern Bank account at the end of 3 years?
A)$55.84
B)$45.75
C)$60.47
D)$40.09
E)$50.14

Western Bank Pays 5 Percent Simple Interest on Its Savings