Between simple interest and compound interest, both at 3%, determine which interest earning type will result in a higher balance when $17,000 is invested for 6 years. Find this balance.(1 point)

Question

Responses

Simple interest at 3% is the better interest earning type, with a resulting balance of $23,120 after 6 years of investment.
Simple interest at 3% is the better interest earning type, with a resulting balance of $23,120 after 6 years of investment. - no response given

Compound interest at 3% is the better interest earning type, with a resulting balance of $24,114.82 after 6 years of investment.
Compound interest at 3% is the better interest earning type, with a resulting balance of $24,114.82 after 6 years of investment. - incorrect

Simple interest at 3% is the better interest earning type, with a resulting balance of $20,298.89 after 6 years of investment.
Simple interest at 3% is the better interest earning type, with a resulting balance of $20,298.89 after 6 years of investment. - no response given

Compound interest at 3% is the better interest earning type, with a resulting balance of $20,298.89 after 6 years of investment.

Answer 1

Compound interest at 3% is the better interest earning type, with a resulting balance of $20,298.89 after 6 years of investment.