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3 years ago

Question 1

Mathematics

1 answer:

slamgirl [31]3 years ago

6 0

Answer:

i) $500 at 5% simple interest for two years. Interest = 550 - 500 = $50

ii) $500 at 3% compounded monthly for 2 years.

Interest = 530.88 - 500 = $30.88

Step-by-step explanation:

i) $500 at 5% simple interest for two years.

Initial amount, P = $ 500

Rate of interest, r = 0.05

Time in years, t = 2

Therefore Final amount A = P(1 + rt) = 500(1 + (0.05 $\times$ 2) ) = $550

Therefore Interest = 550 - 500 = $50

ii) $500 at 3% compounded monthly for 2 years

Initial or Principal Amount, P = $500

Rate of interest, r =0.03

number of conversions, m = 12

Time in years, t = 3

Therefore final amount, $A = P(1 + \frac{r}{m}) ^{mt} = 500( 1 + \frac{0.03}{12} )^{(12\times2)} = 500( 1 + \frac{0.03}{12} )^{24}$ = $530.88

Therefore Interest = 530.88 - 500 = $30.88

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Answer:

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4 years ago

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Answer:

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Step-by-step explanation:

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