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Tanya [424]
3 years ago
13

In 2-4 sentences, describe why compound interest earns more money than simple interest.

History
2 answers:
Semenov [28]3 years ago
8 0
Simple interest is interest only calculated by multiplying the principal amount by the interest rate and the number of periods in a loan. However compound interest is interest on interest. It is calculated by multiplying the principal amount by the annual interest rate raised to the number of compound periods.
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never [62]3 years ago
8 0
Compound Interest gives you interest based on the amount deposited and the other interests earned.Simple Interest gives the same amount each time based on only the amount deposited.The compound interest has more since it is given more money to put interest on.For example, someone has 20,000 in a bank account and has 6% of interest each year in compounded interest.The fist year he will earn 1,200 the next he will earn 1,272 and then the following he will earn 1,348.32. While in an account that has simple interest will earn 1,200 each year which adds up to less that the one with compounded interest.

HOPE THIS HELPS!!
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The California Gold Rush was sparked by the discovery of gold nuggets in the Sacramento Valley in early 1848 and was arguably one of the most significant events to shape American history during the first half of the 19th century. As news spread of the discovery, thousands of prospective gold miners traveled by sea or over land to San Francisco and the surrounding area; by the end of 1849, the non-native population of the California territory was some 100,000 (compared with the pre-1848 figure of less than 1,000). A total of $2 billion worth of precious metal was extracted from the area during the Gold Rush, which peaked in 1852.

Discovery at Sutter’s Mill

On January 24, 1848, James Wilson Marshall, a carpenter originally from New Jersey, found flakes of gold in the American River at the base of the Sierra Nevada Mountains near Coloma, California. At the time, Marshall was working to build a water-powered sawmill owned by John Sutter, a German-born Swiss citizen and founder of a colony of Nueva Helvetia (New Switzerland, which would later become the city of Sacramento. As Marshall later recalled of his historic discovery: “It made my heart thump, for I was certain it was gold.”

Did you know? Miners extracted more than 750,000 pounds of gold during the California Gold Rush.

Days after Marshall’s discovery at Sutter’s Mill, the Treaty of Guadalupe Hidalgo was signed, ending the Mexican-American War and leaving California in the hands of the United States. At the time, the population of the territory consisted of 6,500 Californios (people of Spanish or Mexican decent); 700 foreigners (primarily Americans); and 150,000 Native Americans (barely half the number that had been there when Spanish settlers arrived in 1769). In fact, Sutter had enslaved hundreds of Native Americans and used them as a free source of labor and makeshift militia to defend his territory and expand his empire.

The ’49ers Come to California

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