At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Get quick and reliable solutions to your questions from a community of experienced experts on our platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
So,
Remember that the simple interest of an initial amount after "t" years, can be found using the following formula:
[tex]A=P(1+rt)[/tex]Where A is the final amount, P is the initial amount, r is the rate and t are the years involved.
If we replace our values, Emma will has the following amount after 8 years:
[tex]\begin{gathered} A=2000(1+\frac{6}{100}(8)) \\ A=2960 \end{gathered}[/tex]So, Emma will has $2,960 after 8 years.
To find the amount that Paul will has, we should remember what the compound interest is.
Remember that the compound interest is given by the formula:
[tex]A=P(1+i)^n[/tex]Where A is the final amount, P is the initial amount, i is the rate and n are the years involved.
If we replace our values, Paul will has the following amount of money after 8 years:
[tex]\begin{gathered} A=2000(1+\frac{6}{100})^8 \\ A=3187.70 \end{gathered}[/tex]So, Paul will has $3187,70 after 8 years.
Therefore, the correct answer is A.
Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.
