Answer:
Difference= $3,090.15 in favor of compounded interest
Step-by-step explanation:
Giving the following information:
Present value (PV)= $8,500
Ineterest (i)= 0.025/12= 0.00208
Number of periods (n)= 360 months
<u>We will calculate the future value of each option and determine the difference:</u>
<u>Simple interest:</u>
FV= (PV*i*n) + PV
FV= (8,500*0.00208*360) + 8,500
FV= $14,864.8
<u>Compounded interest:</u>
FV= PV*(1+i)^n
FV= 8,500*(1.00208^360)
FV= $17,958.95
Difference= $3,090.15
Answer:
r = 14
Step-by-step explanation:
Use distributive property:
4r + 2r - 16 = 12 + 4r
Combine like terms:
6r - 16 = 12 + 4r
Isolate the variable:
6r = 28 + 4r
2r = 28
r = 14
The answer is 23.2 I just entered the data into an online standard deviation calculator.
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