Please select the answer from the choices that best describes the difference between simple and compound interest

		Simple Interest is calculated only on the principal, while compound interest is calculated on both the principal and the accumulated interest received
		Simple interest is from the present value while compounded interest is related to future value
		Simple interest is interest from the bank based on a balance, while compounded interest is only the bank interest.
		Simple interest is interest from the bank based on a principal balance, while compounded interest is not from a bank, only an external investment that pays a higher rate of interest