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Alika [10]
4 years ago
8

I don't understand how to do this problem

Mathematics
1 answer:
Naya [18.7K]4 years ago
8 0
It is 270 i believe hope it helps
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If you invested $600 at 3% simple interest for 2 years, how much interest do you earn? Show work and answer in complete sentence
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Answer:

I would rather do the second option of which uses Compound interest that will give a profit of $47.85

Step-by-step explanation:

In this problem we will be exploring the two formulas

1. simple interest

A= P(1+r*t)

2. compound interest

A= P(1+r/n)^nt

Where A= final amount

P= initial amount

r= rate

t= time.

n= number of periods Compounded

1.given data

P= $600

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t= 2 years

A= 600(1+0.03*2)

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2. Given data

P= $600

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3 years ago
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