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Macie Rocha
Mathematics
20 May, 21:27
What is the simple intrest of
250 (1+.55) 1
+2
Answers (
1
)
Henson
20 May, 21:37
0
Simple Interest = $137.5
Step-by-step explanation:
Here,
Principal, P = $250
interest rate, i = 55% = 0.55
number of year (period), n = 1
In this question, the equation is for compound interest. The compound interest formula is = PV (1+i) ^n, where, PV = present value, i = interest rate, n = number of period. The difference between the simple interest and compound interest is that the first one is based on the principal. In contrast, the latter is based on the principal and the interest accumulated periodically. Therefore, the simple interest of this factor is -
Interest = Principal x interest rate x period
Interest = $250 x 0.55 x 1
Interest = $137.5
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