You are given a choice of taking the simple interest on $10,000 invested for 2 years at a rate of 3% or the interest on $100,
000 invested for 2 years at an interest rate of 3% compounded daily (use the Banker's rule ). Which investment earns the greater amount of interest?
Give the difference between the amounts of interest earned by the two investments.
If you convert to a common fraction which is 24. Then you get 16/24 - 12/24= 4/24. And if you simplify you can get 1/6. Have a great day, let me know if correct, and hope this helps!