Can the -1 in front of - (y - 1) be distributed?
2 answers:
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The correct answer are
Sue interest : 169.6061952
Bill interest: 189.9131472
B. Bill will get more interest then sue
Explain
Sue principal balance p= 2300
Interest for 3 years so t= 3
Interest is compounded yearly n= 1
R= 2.4%
A= 2300(1+2.4/100)^3 = 2300(1+0.024)^3 = 2300 x (1.024)^3 = 2469.6061952
Interest for 3 year is A-p= 2469.6061952 -2300
169.6061952
Bill principle p= 1800
Interest for 3 years t= 3
Interest compounded so n= 1
R= 3.4%
A= 1800(1+3.4/100)^3 = 1800 (1+0.034)^3 = 1800 (1.034)^3 = 1989.9131472
Interest in 3 yrs = 1989.9131472 - 1800 =
189.9131472
For B is below
Hopefully this help you :D
Sue interest : 169.6061952
Bill interest: 189.9131472
B. Bill will get more interest then sue
Explain
Sue principal balance p= 2300
Interest for 3 years so t= 3
Interest is compounded yearly n= 1
R= 2.4%
A= 2300(1+2.4/100)^3 = 2300(1+0.024)^3 = 2300 x (1.024)^3 = 2469.6061952
Interest for 3 year is A-p= 2469.6061952 -2300
169.6061952
Bill principle p= 1800
Interest for 3 years t= 3
Interest compounded so n= 1
R= 3.4%
A= 1800(1+3.4/100)^3 = 1800 (1+0.034)^3 = 1800 (1.034)^3 = 1989.9131472
Interest in 3 yrs = 1989.9131472 - 1800 =
189.9131472
For B is below
Hopefully this help you :D