Jackie invests $1,000 in an account that earns 5% simple interest. amber invests $800 in an account earning 8% interest compounded annually. who will have earned more interest after 3 years? how much more? a. jackie will have earned $34.27 more than amber after 3 years. b. amber will have earned $34.27 more than jackie after 3 years. c. jackie will have earned $57.77 more than amber after 3 years. d. amber will have earned $57.77 more than jackie after 3 years.

The answer is D.

Using simple interest formula, Jackie with $1,000 investment will earn in 3 years:

A = P(1 + rt)
A = $1,000(1 + (0.05)(3))
A = $1,000(1.15)
A = $1,150

Using compound interest formula, Amber with $800 investment will earn in 3 years:

A = P
A = $800
A = $800(1.259712)
A = $1,007.7696

Therefore:
Jackie earns $1,150 - $1,000 = $150

Amber earns $1,007.7696 - $800 = $207.7696 or $207.77

From their earnings, we can conclude Amber earns more

$207.77 - $150 =  $57.77

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