Kiran and Anu each have \(₹\) 90000 to invest for 3 years. Kiran chooses a scheme with 8\(\%\) p.a. simple interest. Anu chooses a scheme with 7\(\%\) p.a. compounded annually.
Based on the above information answer the below questions:
(a) Find Kiran's final amount after 3 years.
(b) Find Anu's final amount after 3 years.
(c) Calculate the difference between Kiran's and Anu's final amount after 3 years. Whose investment yields the higher amount and by how much?
(d) A student claims: "A higher interest rate always gives more money, no matter how the interest is calculated." Using Kiran's and Anu's final amounts 8 \(\%\) simple vs. 7 \(\%\) compound as your example, decide whether this student's claim is correct or not.