Question: Investigate the difference between compounding annually and simple interest for parts a-j. a. Find the simple interest for a one-year CD for $5,000 at a

Investigate the difference between annually and simple interest for parts a-j.
a. Find the simple interest for a one-year CD for $5,000 at a 6% interest rate.
b. Find the interest for a one-year CD for $5,000 at an interest rate of 6%, compounded annually.
c. Compare the results from parts a and b.
d. Find the simple interest for a three-year CD for $5,000 at an interest rate of 6%.
e. Find the interest for a three-year CD for $5,000 at an interest rate of 6%, compounded annually.
f. Compare the results from parts d and e.
g. Find the simple interest for a six-year CD for $5,000 at an interest rate of 4%.
h. Find the interest for a six-year CD for $5,000 at an interest rate of 4%, compounded annually.
i. Compare the results from parts g and h.
j. Is interest compounded annually the same as simple interest? Explain.

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