Answer:
Total cost, c = 7p
Step-by-step explanation:
1pound =$7
Joe buys p pounds,
p pounds = $7 * p
p pounds = 7p
There are two types of interest: Simple interest and compounding interest:
Simple interest: F = P(1+in)
Compounding interest: F = P(1+i)ⁿ
The compounding interest is always bigger than simple interest for a given amount of n time. The effective interest rate is
Effective interest rate = 1.5%/year * 1 yr/12 months = 0.125% per month
Since there are 12 months in 1 year, n= 12. Then i = 0.125/100 = 0.00125
Difference = Compounded Interest - Simple Interest
Difference = P(1+i)ⁿ - P(1+in) = 1000(1+0.00125)¹² - 1000(1+0.00125*12)
Difference = $0.104
You will only have $0.104 more money than the simple interest.
Answer:
f = € 0.20
k = € 2.20
Step-by-step explanation:
k + f = 2.40
k = 2 + f
(2 + f) + f = 2.40
2f = 2.40 - 2
2f = 0.40
f = € 0.20
k = 2 + 0.20 = € 2.20
