bwpenney27
Answered

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$1200 at 12% for 3 years

Sagot :

Answer:

$1,689.

Step-by-step explanation:

nfeinglass910

Answer:

If this is compound interest and it is compouned annually,the answer is $1,685.91

If this is simple interest, the answer is $1,632.00

Step-by-step explanation:

Equation for compound interest.

[tex]A=P(1+\frac{r}{n})^{n*t}[/tex]

[tex]A=1200(1+\frac{0.12}{1})^{1*3}[/tex]

[tex]A=1685.91[/tex]

Equation for simple interest.

[tex]A=P(1+r*t)[/tex]

[tex]A=1200(1+0.08*3)[/tex]

[tex]A=1632.00[/tex]

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