Ivan invests a sum of money at 6%p.a. simple interest for 3 years.Victor deposits the same amount of money for the same period of time at an interest rate of 5%, but the interest is compounded yearly.The compounded interest received by Victor is $22375 less than the simple interest received by IvanWhat is the simple interest received by Ivan?
I have done it for many times but I cannot work it out.
Thanks!