Compare simple interest at 3% and compound interest at 2% with interest being compounded monthly when $750 is invested for 1 year to determine which interest earning type offers more financial gains.
Both simple interest at 3% and compound interest at 2% with interest being compounded monthly offer the same amount of financial gain after 1 year of investment.
Simple interest at 3% offers more financial gains.
There is not enough information to determine which interest earning type offers more financial gains.
Compound interest at 2% offers more financial gains