Two savings accounts were each opened with a $6,000 deposit. Account A earns compound interest at a 2% annual interest rate comp
ounded yearly. Account B earns simple interest at a 2% annual interest rate. No other deposits or withdrawals are made from the accounts for 3 years. What is the difference in interest earnings between the two accounts after 3 years?
Account A will earn approximately $360 less in interest than account B.
Account A will earn approximately $7 less in interest than account B.
Account A will earn approximately $360 more in interest than account B.
Account A will earn approximately $7 more in interest than account B.
Both accounts will earn the same amount of interest.