Solve for the variable:
1 answer:
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Answer: In both the case amount of interest is paid are:
1) $9000
2) $10146.76
Explanation:
Since we have given that
Principle amount = $30000
Interest rate = 6%
Number of years = 5 years
we'll use " Simple interest " first,
As we know the formula for " Simple Interest ":
Now, we'll do it by "Compound Interest "
So,
Hence in both the case amount of interest is paid are:
1) $9000
2) $10146.76