Answer:
The amount that we should deposit in each bank is around $942.
Step-by-step explanation:
Case 1:
A=$1000
n = 12
t = 2
r = 3% or 0.03
p = ?
The compound interest formula is :
Substituting values in the formula;
=> 
=> 
p = $941.84
Case 2:
A=$1000
n = 365
t = 2
r = 3% or 0.03
p = ?
=> 
=> 
p = $941.76
The amount that we should deposit in each bank is around $942.
The answer for your question is 12/15
Answer:
Hi
Step-by-step explanation:
I AM I HELPFUL
Answer:circle
Step-by-step explanation:
<h3>The interest rate is 8 % if your balance on an investment of 857 dollars at the end of six years is 1268.36 dollars</h3>
<em><u>Solution:</u></em>
Given that,
Principal = $ 857
Amount = $ 1268.36
Number of years = 6
Rate of interest = ?
Simple Interest = Amount - principal
Simple Interest = 1268.36 - 857
Simple Interest = 411.36
<em><u>Use the formula,</u></em>
Thus the interest rate is 8 %
