Pls
#I need to send my answer in about 30 mins can someone help me understand this and tell me the answer
prime fjord
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prime fjord
All I know is compound interest is bigger than simple interest?
fast nest
Simple interest takes the initial amount, which is 30,000 in this example, and adds 12% of this amount every 6 months. So we add (30,000 X 0.12) every 6 months.
For compounded interest, we take the amount in the account currently rather than the initial amount. In the same example, (30,000 X 0.12) = 3600. We take the 3600 and add it to the 30,000 to get 33,600. Compounded we take (33,600 X 0.12) and add it to the 33,600.
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You can look online for interest formulas. How often it is compounded (semi-annually, quarterly, etc.) changes the equation slightly.
fast nest
For b the time that has passed isn't 1 year. In the equation you treated t=1.
Instead of 1 year, only 6 months have passed.
prime fjord
Im gonna try to solve it by myself with this
fast nest
Im gonna try to solve it by myself with this
Ok good luck, in this case the time period is 1 year so
n = number of times interest applied per year
t = number of years elapsed
prime fjord
Ok good luck, in this case the time period is 1 year so
> n = number of times i...
Would this be correct for the si part?
fast nest
yes a is right
prime fjord
