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Nyasia Graham
Mathematics
25 July, 03:37
Penny makes deposits into two separate
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Savage
25 July, 03:43
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A) P = 240
B) P + Po = 1040
C) P = 270.58
D) P+Po = 1070.58
E) Option B (compound interest) is better, as it generates more interest for the same inicial value, rate of interest and time
Step-by-step explanation:
The formula for simple interest is:
P = Po*r*t
Where P is the interest earned, Po is the inicial value, r is the rate of interest and t is the time.
The formula for compound interest is:
P+Po = Po * (1+r) ^t
So we have that:
A) P = 800*0.06*5 = 240
B) P + Po = 800 + 240 = 1040
C) P+Po = 800 * (1+0.06) ^5 = 1070.58 - > P = 1070.58 - 800 = 270.58
D) P+Po = 1070.58
E) Option B (compound interest) is better, as it generates more interest for the same inicial value, rate of interest and time
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