You bought a lottery ticket and ended up winning $\$20,000$! You have decided to use it for college for one of your kids. You only have $6$ years before they attend college.
You call the bank and are offered a simple interest investment at $4$% interest, or a compound interest investment at $3$% that compounds quarterly. After $6$ years, you will withdraw the entire amount for college.
How much would each investment account make after $6$ years?