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$3,000 is invested for 18 months compounded at the interest rate of 0.75% every month. Give your answer correct to the nearest cent, wherever necessary. a. Calculate the final value of this investment b. What is the increase in value obtained in part (a) as against investing the same amount for same time at same rate but at simple interest.

$3,000 is invested for 18 months compounded at the interest rate of 0.75% every month. Give your answer correct to the nearest cent, wherever necessary. a. Calculate the final value of this investment b. What is the increase in value obtained in part (a) as against investing the same amount for same time at same rate but at simple interest.

Elementary Geometry For College Students, 7e
Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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$3,000 is invested for 18 months compounded at the interest rate of 0.75% every month. Give your answer correct to the nearest cent, wherever necessary.

a. Calculate the final value of this investment
b. What is the increase in value obtained in part (a) as against investing the same amount for same time at same rate but at simple interest.

 
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