Rachel deposits $30,000 into an account that pays simple interest at a rate of 6% per year.
Michael deposits $30,000 into an account that also pays 6% interest per year. But it is compounded annually.
Find the interest Rachel and Michael earn during each of the first three years.
Then decide who earns more interest for each year.
Assume there are no withdrawals and no additional deposits.

First Year Interest Rachel earns =
First Year (Simple interest) Interest Michael earns (Interest compounded annually) =
Who earns more interest?