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kolbaska11 [484]
3 years ago
9

You are given a choice of taking the simple interest on ​$10,000 invested for 2 years at a rate of 3​% or the interest on ​$100,

000 invested for 2 years at an interest rate of 3​% compounded daily (use the Banker's rule ).
Which investment earns the greater amount of​ interest?
Give the difference between the amounts of interest earned by the two investments.
Mathematics
1 answer:
attashe74 [19]3 years ago
8 0

Answer:

Compount interest earns more. Difference between 2 interest is $92 445.39

Step-by-step explanation:

Simple Interest:

I =  \frac{prt}{100}

p = $10000

r = 3%

t = 2years

I = (10000×3×2)/100

= $600

Total amount = $10 600

Compound Interest:

A = p( {1 +  \frac{r}{100}) }^{n}

p = $100000

r = 3/730 (daily)

t = 730 (2yrs)

A = 100000[1+(3/73000)]^730

= $103 045.39 (2d.p)

Difference = $103045.39 -

$10600

= $92 445.39

(Correct me if i am wrong)

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