Determine if the rates $24 for 6 hours of work and $36 for 8 hours of work are equivalent. Explain your reasoning
1 answer:
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<h3>Answer:</h3><h3 /><h3>Amount = Rs 13891.50</h3><h3>Compound interest = Rs 1891.50</h3>
Step-by-step explanation:
C = Amount (A) - Principal (P)
Where
C is the compound interest
To find the amount we use the formula
where
P is the principal
r is the rate
n is the period / time
From the question
P = Rs 12, 000
r = 5%
n = 3 years
Substitute the values into the above formula
That's
We have the answer as
<h3>Amount = Rs 13891.50</h3>Compound interest = 13891.50 - 12000
<h3>Compound interest = Rs 1891.50</h3>Hope this helps you