I need to see how this is answered.
1. Lauren deposited $200 into her savings account with 1% interest rate compounded annually. After 4 years her balance was $208.12. Colby deposited $200 into a savings account that earned a 2% simple interest rate for 4 years, who had the higher account balance
I = Prt
I = 200 * 0.02 * 4
I = 16