Sumer put $10,000 in a three-month term deposit at TD Canada Trust, earning a simple interest rate

Question:

Sumer put $10,000 in a three-month term deposit at TD Canada Trust, earning a simple interest rate of 3.9%. After the three months, she invested the entire amount of the principal and interest from the first term deposit in a new three-month term deposit earning the same rate of interest. How much interest did she earn on each term deposit? Why are the two interest amounts not equal?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: