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Chapter 4 Simple Interest versus Compound Interest (Similar to problem 1, p.118, Ch. 4) 4) Sandy Bank pays 5 percent simple interest on its savings

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Chapter 4 Simple Interest versus Compound Interest (Similar to problem 1, p.118, Ch. 4) 4) Sandy Bank pays 5 percent simple interest on its savings account balances, whereas Tightwad Bank (A real FDIC Insured Bank) pays 5 percent compounded annually. If you deposited $6.000 in each bank, how much more money would you earn from the Tightwad Bank account at the end of 3 years? 3 years N 0 FVsandy ? FVTightwad PV $6,000 1 5% PMT 0

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