Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.
Sagot :
Answer:
Future value using simple interest = $10,880
Future value using Compound interest = $11,240 (Approx.)
Step-by-step explanation:
Given:
Principal Amount = $8,000
Rate = 12% = 0.12
Number of year = 3
Find:
Future value
Computation:
Future value using simple interest
Future value = P + (P)(R)(T)
Future value = 8,000 + (8,000)(0.12)(3)
Future value = 8,000 + 2,880
Future value using simple interest = $10,880
Future value using Compound interest
Future value = P[1+r]ⁿ
Future value = 8,000[1+0.12]³
Future value = 8,000[1.12]³
Future value using Compound interest = $11,240 (Approx.)
We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.
