Western Bank Pays 5 Percent Simple Interest on Its Savings

Multiple Choice

Western Bank pays 5 percent simple interest on its savings account balances, whereas Eastern Bank pays 5 percent compounded annually.If you deposited $6,000in each bank, how much more money would you earn from the Eastern Bank account at the end of 3 years?

A) $55.84
B) $45.75
C) $60.47
D) $40.09
E) $50.14