The amount in simple interest is $3624 and in compound interest is $3674 the difference is of $50. So he should choose Simple interest.
<h3>What is compound and simple interest?</h3>
Simple interest is based on the principal amount of a loan or deposit. In contrast, compound interest is based on the principal amount and the interest that accumulates on it in every period.
Here we have the principle is $3000 for 4 years at the rate of interest of 5.2%. Now we will calculate the total amount by simple interest and compounded annually.
By using Simple interest:-
So the total amount will be =3000+624=$3624
By using the Compound interest formula:
The difference between the two amounts will be =3764-3624=$50
Hence amount in simple interest is $3624 and in compound interest is $3674 the difference is of $50. So he should choose Simple interest.
To know more about Compound interest Follow
brainly.com/question/24924853
#SPJ1
Step-by-step explanation:
<u>y</u> - <u>4</u> = -4
x - 6
y - 4 = -4x + 24
y = -4x + 24 + 4
y = -4x + 28
Answer:
163%
Step-by-step explanation:
Find in-between 25 and 300, which is 162.5 ,round to the nearest percentage being 163%. Hence your answer
It would be 5300 when rounded
A rate is a special ratio in which the two terms are in different units. For example, if a 12-ounce can of corn costs 69¢, the rate is 69¢ for 12 ounces. ... When rates are expressed as a quantity of 1, such as 2 feet per second or 5 miles per hour, they are called unit rates.
Some examples of rate include cost rates, (for example potatoes cost R16,95 per kg or 16,95 R/kg) and speed (for example, a car travels at 60 km/h). When we calculate rate, we divide by the second value, so we are finding the amount per one unit.