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svetlana [45]
3 years ago
15

Which of these statements is true?

Business
1 answer:
olasank [31]3 years ago
6 0

Answer:

Compound interest will lead to a larger sum of money than a comparable simple interest payment.

Explanation:

The true statement is that compound interest will lead to a larger sum of money than a comparable simple interest payment because the interest are compounded for a certain number of times such as daily, weekly, quarterly or annually while simple interest isn't compounded at all.

To find the future value, we use the compound interest formula;

A = P(1 + \frac{r}{n})^{nt}

Where;

A is the future value.

P is the principal or starting amount.

r is annual interest rate.

n is the number of times the interest is compounded in a year.

t is the number of years for the compound interest.

Mathematically, simple interest is calculated using this formula;

S.I = \frac {PRT}{100}

Where;

S.I is simple interest.

P is the principal.

R is the interest rate.

T is the time.

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