What will be the simple interest earned when you invest $1,000 for 3 years at 10 percent and the compound interest earned when y
ou invest the same sum for 2 years at 5 percent ? The simple interest earned when you invest $1,000 for 3 years at 10 % is $______
. The interest compounded when you invest the same sum for 2 years at 5 % is $______
.
The simple interest earned when you invest $1,000 for 3 years at 10 % is $
<em>300</em>
. The interest compounded when you invest the same sum for 2 years at 5 % is $
<em>331</em>
.
Answer: <span>(a) The simple interest earned when you invest $1,000 for 3 years at 10 % is $300. </span><span>(b) The interest compounded when you invest the same sum for 2 years at 5 % is $331.</span>