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lakkis
[162]
3 years ago
10
If $1200 is deposited in an account that pays 6.5% interest, what is the difference in the amount after 4 years between the amou
nt earned if the principal is compounded annually and the amount earned calculated using simple interest?
Mathematics
Answer
Comment
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2
answers:
rodikova
[14]
3 years ago
4
0
The interest would be $312
Send
Inessa
[10]
3 years ago
3
0
Compounded is
for
P=principal
r=rate
t=time
simplie is
I=PRT
p=principal
r=rate
t=time
comound
P=1200
R=6.5%=0.065
T=4
A=1543.76
I=A-P
I=1543.76-1200
I=343.76
simple
P=1200
r=6.5%=0.065
t=4
I=1200*0.065*4
I=312
compare
compouned=343.76
simplie=312
difference=343.76-312=31.76
the difference is $31.76
Send
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