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

Question

Wells Fargo pays 5 percent simple interest on its savings account balances, whereas Chase pays 5 percent compounded annually. If you deposited

$6,000

in each bank, how much more money would you earn from the Chase account at the end of 3 years?

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