Bill Baxter has $24,000 to invest for a year. He can lend it to his sister who has agreed to pay 10% simple interest for the year. Or, he can invest it with a bank at 8% compounded quarterly for the year. How much additional interest would the simple interest loan to his sister generate? Find the effective interest rate for both investments. Click the icon to view the compound interest table. How much more will the simple interest loan generate compared to the bank loan? (Round to the nearest cent as needed.)