Asked by help
Ben is to invest $13 000 for 3 years at 8% p.a with interest paid annually. Find the amount of interest earned by calculating the simple interest for each year separately.
I know how to solve this using the normal method, but i don't know how to do it by calculating the interest for each year separately . Thanks.
I know how to solve this using the normal method, but i don't know how to do it by calculating the interest for each year separately . Thanks.
Answers
Answered by
Steve
the interest is the same for each year:
13000 * 0.08
clearly you need to review why the "normal" method works as it does.
13000 * 0.08
clearly you need to review why the "normal" method works as it does.
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