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2 years ago

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

1 answer:

6 0

Keir will have most money to invest on a new boat. The amount Keir have will be $<u>1,440</u>. Thus, option A. is correct.

<h3>What is simple interest?</h3>

The simple interest is the finance computation method that determines the value of interest to be earned on the investment or deposit amount.

Computations:

1. Computation of money spend by Vanore:

Amount=P+(P*r*t)

Amount=$1,000+($1,000*0.045*5)

Amount=$1,000+$225

Amount=$1,225

2. Computation of money spend by Keir:

Amount=P+(P*r*t)

Amount=$1,200+($1,200*0.04*5)

Amount=$1,200+$240

Amount=$1,440

3. Computation of money spend by Oman:

Amount=P(1+r)^t

Amount=$950(1+.06)^5

Amount=$1,271

Therefore, Keir will spend the highest amount of $1,440 amongst all three friends. Hence, option A. is correct.

Learn more about simple interest, here:

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