Find the difference in financial gains when $3,200 is invested for 8 years with an interest rate of 4.5% for both simple interest and compound interest, and interest is compounded annually.(1 point)

Question

Responses

$1,350.72
$1,350.72

$198.72
$198.72

$47,810.80
$47,810.80

$231.57

Answer 1

The difference in financial gains when $3,200 is invested for 8 years with an interest rate of 4.5% for both simple interest and compound interest, and interest is compounded annually is $198.72.