Answered

Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Get expert answers to your questions quickly and accurately from our dedicated community of professionals. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Hey! can you please help me with this question :)

Find the difference between simple interest and compound interest, compounded annually, on a deposit of $3,000 that earns 4.5% interest for 5 years.

Sagot :

tristanebennett
The simple interest is 135$ per year, or 675$ total.
The compounded interest is 135$ the first year, 141.08$ the second year, 147.42$ the third year, 154.06$ the fourth year, and 160.99$ the fifth year, or 378.55$ total.
We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.