Answer:
You can do it
Step-by-step explanation:
The garage door and the hedges
Answer:
Difference= $3,090.15 in favor of compounded interest
Step-by-step explanation:
Giving the following information:
Present value (PV)= $8,500
Ineterest (i)= 0.025/12= 0.00208
Number of periods (n)= 360 months
<u>We will calculate the future value of each option and determine the difference:</u>
<u>Simple interest:</u>
FV= (PV*i*n) + PV
FV= (8,500*0.00208*360) + 8,500
FV= $14,864.8
<u>Compounded interest:</u>
FV= PV*(1+i)^n
FV= 8,500*(1.00208^360)
FV= $17,958.95
Difference= $3,090.15
Answer:
The formatting on this is a little weird but if I'm reading it correctly:
1) 3.38
2) 7.29
3) 0.05
4) 0.42
Annual growth rate is (1+0.15)^12. or 5.35025 or 535.025%