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crimeas [40]
3 years ago
9

$1000 is invested at 2.9% annual interest for 6 months. a. Simple Interest b. Compound Interest

Mathematics
1 answer:
kirza4 [7]3 years ago
8 0

Answer:

a. Simple interest = $174

b. Compund interest = $1187.1

Step-by-step explanation:

Given the following data;

Principal, P = $1000

Interest, R = 2.9%

Time, T = 6 months

a. To find the simple interest;

S.I = (PRT)/100

S.I = (1000*2.9*6)/100

S.I = 17400/100

S.I = $174

b. To find the compound interest;

A = P(1 + \frac{r}{100})^{t}

Substituting into the formula, we have;

A = 1000(1 + \frac{2.9}{100})^{6}

A = 1000(1 + 0.029)^{6}

A = 1000(1.029)^{6}

A = 1000(1.1871)

A = $1187.1

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