Determine who will have the greater balance

Reference no: EM13189323

John and Susan opened savings accounts at two different banks. They each deposited $1,000. John's bank pays SIMPLE interest at an annual rate of 10% but Susan's bank pays COMPOUND interest at an annual rate of 9.5%. With NO principal or interest taken out of the accounts for a period of 3 years; at the end of 3 years who will have the greate balance and by how much to the nearest dollar?

Reference no: EM13189323

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