An Account Paying Annual Compound Interest Was Opened with $1,000

Multiple Choice

An account paying annual compound interest was opened with $1,000 ten years ago. Today, the account balance is $1,500. If the same interest rate is offered on an account paying simple interest, how much income would be earned over the same time period?

A) $86.20
B) $92.47
C) $413.80
D) $436.29
E) $500.00