Which number produces
2 answers:
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Answer:
Simple interest = $36
Compound interest = $48.96
It's better to invest $600 at 4% compounded monthly for 2 years as it's giving us more profit.
Step-by-step explanation:
Simple interest is calculated on the principal amount of a loan. Compound interest is calculated on the sum of principal amount and accumulated interest of previous periods.
Simple interest =
Compound interest =
Here, P denotes principal amount, R denotes rate of interest, T denotes time.
Given: $600 invested at 3% simple interest for 2 years, $600 invested at 4% compounded monthly for 2 years
To find: Simple interest and compound interest.
Solution:
Take P=600, R=3% and T=2 years
Using the formula of simple interest mentioned above,
Simple interest =
So, interest earned is $36
Take P=600, R=4% and T=2 years
Using the formula of compound interest mentioned above,
Compound interest =
=
=
=
=
So, interest earned is $48.96
It's better to invest $600 at 4% compounded monthly for 2 years as it's giving us more profit.
Step-by-step explanation:
a) 24.7×52.3=1291.81
On rounding off to 3 significant digits we get
1290
b)
=31.304951
On rounding off to 5 significant figures we get
=31.305
c)
On rounding off to 2 significant figures we get
=4.3
Hence required answers
a)1290
b)31.305
c)4.3
I hope it helped you