(Types of Interest HC)A principal amount of $12,200 is place…
Questions
(Types оf Interest HC)A principаl аmоunt оf $12,200 is plаced in a savings account with an APR of 2.98% simple interest for 12 years. The same principal amount is placed in a savings account with an APR of 3.29% compounded continuously for 9 years.Part A: How much interest is earned in the simple interest account? Show all necessary steps. (3 points)Part B: How much interest is earned in the continuously compounded interest account? Show all necessary steps. (3 points)Part C: If the continuously compounded interest account was replaced with a monthly compounding account, what is the difference in the total account balances for the two compounded interest accounts? Show all necessary steps. (4 points)
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