Planters bank pays 5 percent simple interest on its savings, Financial Management

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Planters bank pays 5 percent simple interest on its savings

Planters Bank pays 5 percent simple interest on its savings account balances, whereas Centura Bank pays 5 percent compounded annually. If you made a $12,000 deposit in each bank, how much more money would you earn from your Centura Bank account at the end of 20 years?

A. $7,155.84

B. $7,839.57

C. $7,960.47

D. $8,400.09

E. $8,784.14

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