Principal = $450
rate = 5%
time = 4 years
simple interest =
compound interest =
2 answers:
Answer:
Simple interest=90
Compound interest=96.98
Step-by-step explanation:
Simple interest=p×r×t
Simple interest=450×0.05×4=90
Compound interest=future value-principal
Future value=principal (1+r)^t
Future value=450×(1+0.05)^(4)=546.98
Compound interest=546.98-450=96.98
Answer:
Simple interest: $540
Compound interest: $546.98 (if compounded annually)
Step-by-step explanation:
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