What is it and why?
1 answer:
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Answer:
Compount interest earns more. Difference between 2 interest is $92 445.39
Step-by-step explanation:
Simple Interest:
p = $10000
r = 3%
t = 2years
I = (10000×3×2)/100
= $600
Total amount = $10 600
Compound Interest:
p = $100000
r = 3/730 (daily)
t = 730 (2yrs)
A = 100000[1+(3/73000)]^730
= $103 045.39 (2d.p)
Difference = $103045.39 -
$10600
= $92 445.39
(Correct me if i am wrong)
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