Question

most versoza wants to compare simple and compound interest on a 3,500 pesos investment for three years find the interest if one's current 6.5% simple interest annually find the interest if found in 6.5% interest compounded annually find the difference between the two interest

Answer 1

whut r ur thoughts on this 1 ?
whut do yu think we hav to do first?

Answer 2

@Kyt

Answer 3

some variables to define:

A = final amount
P = principal (the starting amount)
r = interest rate as a decimal
t = time (in years)

simple annual interest: A = P(1+rt)
compound annual interest: A = P(1+r)^t

plug in the appropriate quantities, evaluate both final balances, then subtract (larger balance) - (smaller balance)