Josh and Raheem both invest some money.
1 answer:
Answer:
Raheem
Step-by-step explanation:
Josh :
using simple interest formula :
Final amount = P(1 + rt)
Final amount = 1200(1 + 0.04*5)
Final amount = 1200(1.2)
Final amount = £1440
Raheem :
Using compound interest formula :
Final amount = P(1 + r/n)^nt
Final amount = 1250(1 + 0.03)^5
Final amount = 1250(1.03)^5
Final amount = £1449.09
Raheem has more money
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Step-by-step explanation:
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