KillerMDFK294 KillerMDFK294

02-03-2021
Mathematics

contestada

$77 at 16% for 6 months

What is the difference between the total amount in the account if you did simple and compound interest?

Respuesta :

samuelonum1 samuelonum1

03-03-2021

Answer:

$0.231

Step-by-step explanation:

Given data

P= $77

r= 16%

t= 6 months= 0.5 years

For simple interest

A= P(1+rt)

A=77(1+0.16*0.5)

A= 77(1+0.08)

A= 77*1.08

A= $83.16

For compound interest

A=P(1+r)^t

A= 77(1+0.16)^0.5

A= 77(1.16)^0.5

A= 77*1.077

A= $82.929

The difference is

=83.16- 82.929

=$0.231

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