Answered

At Westonci.ca, we provide clear, reliable answers to all your questions. Join our vibrant community and get the solutions you need. Our platform connects you with professionals ready to provide precise answers to all your questions in various areas of expertise. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

NOTE THAT THIS QUESTION IS CREATED BY ME TO TEST YOUR SKILLS.
The compound interest formula has 2 formulas which give different answers as it depends on the value placed on it. Number 1 is:-
[tex]A= Pe^{\frac{Rn}{100} }[/tex]
Where 'p' is the principle amount. 'e' is a mathematical constant which has the value 2.718281828 and 'R' is the rate charged. 'n' is the time.
Number 2 formula is:-
[tex]A= p(1+\frac{r}{100})^{n}[/tex]
Where 'p' is the principle amount. 'R' is the rate charged. 'n' is the time. Formula 1 gives a more value than formula 2.
Q. p has the value $2000 at the rate of 5% in a time period of 2 years. Use both formulas to calculate the compound interest and find the difference between the amount. What do you notice?

Sagot :

We hope this was helpful. Please come back whenever you need more information or answers to your queries. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.