Tim drove 4 hours at an average speed of 60 miles per hour. How many hours would it take Tim to drive the same distance at an av
1 answer:
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Answer:
Step-by-step explanation:
step 1
<u><em>Simple interest</em></u>
we know that
The simple interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above
step 2
<u><em>Interest compounded annually</em></u>
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
step 3
Find the differences between the two final amounts