Explanation Simple interest = p × r × t 100 Compound amount after n year = p ( 1 + r 100 n ) ; Where, p is principle amount, r is annual rate and t is time period. Consider the provided table; Account1 Account 2 start $ 1000 $ 1000 After 1 year $ 1050 $ 1050 After 2 year After 3 year After 4 year After 10 year Referring to provided table- Principle amount p = $ 1000 Now, amount after one year of simple interest is $ 1050 So, simple interest is $ 50 Now for 2years amount after adding simple interest will be $ 1050 + $ 50 = $ 1100 Similarly, after 3 year $ 1150 , After 4year $ 1200 After 10 year the simple interest will be, $ 50 × 10 = $ 500 Now, amount after 10 year will be $ 500 + $ 1000 = $ 1500 Now, for compound interest Amount after 1 year is provided $ 1050 So, Amount after 2 year will be, $ 1050 ( 1 + 5 100 ) ; Amount after 3 year is $ 1102.5 ; Similarly calculating for 3year, Amount after 3 year = $ 1102

1st Edition

ISBN: 9781259218859

Author: David Sobecki Professor, Brian A. Mercer

Publisher: McGraw-Hill Education

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Chapter 1.7, Problem 5G

To determine

To fill: The table provided below by calculating simple interest in first column and compound interest in second column

Account1 Account 2

start $1000 $1000

After 1 year $1050 $1050

After 2 year

After 3 year

After 4 year

After 10 year

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Chapter 1.7, Problem 4G

Chapter 1.7, Problem 6G

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The table provided below by calculating simple interest in first column and compound interest in second column Account1 Account 2 start $ 1000 $ 1000 After 1 year $ 1050 $ 1050 After 2 year After 3 year After 4 year After 10 year

Solution Summary: The author explains how to calculate simple and compound interest in the same table.

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To fill: The table provided below by calculating simple interest in first column and compound interest in second column

Account1 Account 2

start $1000 $1000

After 1 year $1050 $1050

After 2 year

After 3 year

After 4 year

After 10 year

Want to see the full answer?

Chapter 1 Solutions

	Account1	Account 2
start	$1000	$1000
After 1 year	$1050	$1050
After 2 year
After 3 year
After 4 year
After 10 year

The table provided below by calculating simple interest in first column and compound interest in second column Account1 Account 2 start $ 1000 $ 1000 After 1 year $ 1050 $ 1050 After 2 year After 3 year After 4 year After 10 year

Solution Summary: The author explains how to calculate simple and compound interest in the same table.

Concept explainers

Videos

To fill: The table provided below by calculating simple interest in first column and compound interest in second column Account1 Account 2 start $1000 $1000 After 1 year $1050 $1050 After 2 year After 3 year After 4 year After 10 year

Want to see the full answer?

Chapter 1 Solutions

To fill: The table provided below by calculating simple interest in first column and compound interest in second column

Account1 Account 2

start $1000 $1000

After 1 year $1050 $1050

After 2 year

After 3 year

After 4 year

After 10 year