Two savings accounts were each opened with a $7,000 deposit. account a earns simple interest at a 1% annual interest rate. account b earns compound interest at a 1% annual interest rate compounded yearly. no other deposits or withdrawals are made from the accounts for 3 years.
what is the difference in interest earnings between the two accounts after 3 years?
a) both accounts will earn the same amount of interest.
b) account a will earn approximately $2 more in interest than account b.
c) account a will earn approximately $210 more in interest than account b.
d) account a will earn approximately $2 less in interest than account b.
e) account a will earn approximately $210 less in interest than account b.