You can invest in an account that pays simple interest or an account that pays compound interest. In either case, you plan to invest $2,300 today and both accounts have an annual interest rate of 7 percent. How much more interest will you receive in the 8th year in the account that pays compound interest

On january 1, year 1, purl corp. purchased as a long-term investment $500,000 face amount of shaw, inc.’s 8% bonds for $456,200. the bonds were purchased to yield 10% interest. the bonds mature on january 1, year 6, and pay interest annually on january 1. purl uses the effective interest method of amortization. what amount (rounded to nearest $100) should purl report on its december 31, year 2, balance sheet for these held-to-maturity bonds?