dalilahcortez
Answered

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If you invested $500 at 5% simple interest for 2 years, how much interest do you earn? Show work and answer in complete sentences to earn full credit.



If you invest $500 at 3% compounded monthly for 2 years, how much interest you do earn? Show work and answer in complete sentences to earn full credit.



Which would you rather do?

Answer :

Onoriodefelix

Answer:

$50 and

$30

Step-by-step explanation:

Question 1. Principal = $500

Rate = 5%

Time = 2yesrs

Interest = PRT /100

= 500 x 5 x 2 /100

= 5000/100

= $50

Interest = PRT/100

Principal P =$500

Rate = 3%

Time = 2 years

Therefore, interest =

500 x 3 x 2 /100

= 3000/100

= $30

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