4 years ago

Explain how compound interest is better than simple interest when it comes to saving money.

1 answer:

5 0

Answer:

When it comes to investing, compound interest is better since it allows funds to grow at a faster rate than they would in an account with a simple interest rate.

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Tasha invests in an account that pays 1.5% compound interest annually. She uses the expression P(1+r)t to find the total value o

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$\bf ~~~~~~ \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad 
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\to &\$3000\\
r=rate\to 1.5\%\to \frac{1.5}{100}\to &0.015\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{annually, thus once}
\end{array}\to &1\\
t=years\to &5
\end{cases}
\\\\\\
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Help a crackhead out

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T=5w

T= total cost
W= weeks

It can't be W= because the question is asking for total cost in dollars, so two options are cancelled out.

Can't be t=5+w because it's 5 per week and if, let's say calculating dollars for 2 weeks, the answer would be t=5+2=7 and that wouldn't be right

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