Question: Compare the interest earned by $7,000 for five years at 12% simple interest with that earned by the same amount for five years at 12%

Compare the interest earned by $7,000 for five years at 12%

Compare the interest earned by $7,000 for five years at 12% simple interest with that earned by the same amount for five years at 12% compounded annually. The interest earned by $7,000 for five years at 12% simple interest is $ (Round to the nearest dollar.) The interest earned by $7,000 for five years at 12% compounded annually is $. (Round to the nearest dollar.)

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