Second Union Bank Pays 5 Percent Simple Interest on Its

Multiple Choice

Second Union Bank pays 5 percent simple interest on its savings account balances, whereas Third Street 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 Third Street Bank account at the end of 15 years?

A) $3,602.89
B) $3,947.14
C) $4,008.01
D) $4,221.15
E) $4,414.14