In a basket, there are six apples, seven bananas, three pineapples, and nine pomegranates. Janice randomly draws a fruit from th
2 answers:
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Answer:
$ 2.5
Step-by-step explanation:
Given that
Total Amount to be invested = P = $3400
Total Time of investment = t = 13 years
Rate of interest = r = 1.15 %
Lets calculate Simple interest first
As we know formula for simple interest is
Substituting the values
A = $ 3944.9
Lets now calculate the compound interest
As we know formula for simple interest is
As compound interest applies every 3 months so n =3
So,
A = $ 3947.4
Now Lets calculate how much more he will earn using compound interest.
It can be found by taking difference of compound interest and simple interest
Amount = 3947.4 - 3944.9 = $ 2.5
So Skyler must have earned 2.5 dollar more using the compound interest.