Question

please help

Answer 1

@Qwertty123

Answer 2

Yes! :D

Answer 3

Taylor plans to use $2100 to open a savings account with an annual interest rate of 1.85%. How much more interest will he earn over 8 years if he chooses a compound interest account that compounds interest annually instead of a simple interest account? Round your answer to the nearest cent.

simple interest: I = P • r • t
interest compounded annually: A = P (1 + r)t

$

Answer 4

Taylor will earn $21 more in compounded interest than in simple interest.

Given:
Principal = 2100
interest rate = 1.85%
term = 8 years

Simple Interest = Principal * interest rate * term
= 2100 * 1.85% * 8
= ?

Answer 5

310.8

Answer 6

YES
Compounded Interest = Principal * (1+r)^t
= 2100 * 1.0185⁸
= 2100 * 1.158
=?

Answer 7

2431.80

Answer 8

YES!
Interest from Compounded Interest : 2431.80 - 2100 = 331.80

Simple Interest = 310.80
Compounded Interest = 331.80

331.80 - 310.80 = ? That is going to be your answer then! :)

Answer 9

oh ok I get it thank you so much qwertty :)

Answer 10

You welcome! :D

Answer 11

:)