Which statement below is always TRUE?
1 answer:
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Answer:
a. Simple interest = $174
b. Compund interest = $1187.1
Step-by-step explanation:
Given the following data;
Principal, P = $1000
Interest, R = 2.9%
Time, T = 6 months
a. To find the simple interest;
S.I = (PRT)/100
S.I = (1000*2.9*6)/100
S.I = 17400/100
S.I = $174
b. To find the compound interest;
Substituting into the formula, we have;
A = $1187.1