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harina [27]
3 years ago
9

What will be the simple interest earned when you invest $1,000 for 3 years at 10 percent and the compound interest earned when y

ou invest the same sum for 2 years at 5 percent ? The simple interest earned when you invest $1,000 for 3 years at 10 % is $ . The interest compounded when you invest the same sum for 2 years at 5 % is $ .
Mathematics
2 answers:
LekaFEV [45]3 years ago
8 0

Answer:

The simple interest earned when you invest $1,000 for 3 years at 10 % is $ <em><u>300</u></em> . The interest compounded when you invest the same sum for 2 years at 5 % is $ <em><u>331</u></em> .

Step-by-step explanation:

#Platofam

insens350 [35]3 years ago
4 0

Answer:

simple interest = $300

compound interest =$102.5

Step-by-step explanation:

Simple interest = P* T* R

P= principal, T= time, R= rate

P= $1000,  T= 3,  R = 0.1

simple interest = 1000 * 3 *0.1 = $300

compound interest = p[(1 + r)ⁿ - 1]

compound interest = 1000[(1 + 0.05)² - 1]

                                 =  1000[1.1025 - 1]

                                   = 1000 * 0.1025

                                   = $102.5

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