Answer:
Difference= $3,090.15 in favor of compounded interest
Step-by-step explanation:
Giving the following information:
Present value (PV)= $8,500
Ineterest (i)= 0.025/12= 0.00208
Number of periods (n)= 360 months
<u>We will calculate the future value of each option and determine the difference:</u>
<u>Simple interest:</u>
FV= (PV*i*n) + PV
FV= (8,500*0.00208*360) + 8,500
FV= $14,864.8
<u>Compounded interest:</u>
FV= PV*(1+i)^n
FV= 8,500*(1.00208^360)
FV= $17,958.95
Difference= $3,090.15
Answer:
8x-24
Step-by-step explanation:
8(x-3)
8 times x= 8x
8 times-3= -24
The average rate of change between 1991 and 1996 is 40 million
<h3>How to determine the average rate of change between 1991 and 1996?</h3>
The given parameters are:
Population in 1991 = 1.5 billion
Population in 1996 = 1.7 billion
The average rate of change between 1991 and 1996 is calculated as:
Rate = (1.7 billion -1.5 billion)/(1996 - 1991)
Evaluate
Rate = 40 million
Hence, the average rate of change between 1991 and 1996 is 40 million
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