Three friends decide that they each want to be able to buy a new bike in four years.

Iliana puts $500 in a savings account with a simple interest rate of 4%. Joann invests $515 in a standard savers account with a simple interest rate of 3%.

Cyndy invests $500 in a junior achievers account with a 3.5% compound interest rate.

Using the formula I = P r t for simple interest and A = P (1 + r) Superscript t for compound interest, who will have the most money to spend on a new bike at the end of the four years?