A sum of money is deposited in a bank and it earns interest at 5% per annum for 3 years. If the difference between the compound interest, compounded yearly, and the simple interest earned on the sum is $36.60, find the sum.
+37157 s = sum
simple interest amount = s * .05 * 3
coumpound iterst amount s [ (1.05)3 -1 ] difference = 36.60
s [1.053 -1] - s* .05* 3 = 36.60
.157625 s - .15 s
.007625 s = 36.60
s = $ 4800
