For the given principal, interest rate, and time period, determine the amount of interest that would be earned in an account paying simple interest. Also determine the amount of interest that would be earned in an account paying compound interest with interest compounded annually. Determine how much more interest would be earned in the account paying compound interest.

14. Principal: $954 Rate: 2% Years: 17

A) Compound interest earns the same as simple interest.

B) Compound interest earns $687.11 more.

C) Compound interest earns $50.36 more.

D) Compound interest earns $1011.47 more.

E) Compound interest earns $57.47 more. 

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Simple Interest Simple interest is calc... View the full answer