Compare simple interest at 7.5% and compound interest at 7.0% when $4,300 is invested for 2 years to determine which interest earning type will result in a higher balance. Find this balance.(1 point)
Responses
Simple interest at 7.5% results in a higher balance of $645 after 2 years of investment.
Simple interest at 7.5% results in a higher balance of $645 after 2 years of investment.
Simple interest at 7.5% results in a higher balance of $4,945 after 2 years of investment.
Simple interest at 7.5% results in a higher balance of $4,945 after 2 years of investment.
Compound interest at 7% results in a higher balance of $4,945 after 2 years of investment.
Compound interest at 7% results in a higher balance of $4,945 after 2 years of investment.
Simple interest at 7.5% results in a higher balance of $4,923.07 after 2 years of investment.