Asked by LillyPrince

I start out with 7,500
rate is 0.01%
Can I get help with #1 and can someone check #2? Thanks!
1. Calculate the amount of your compound interest investment after 10 years. Remember that you are starting with $7,500.
2. Calculate the amount of your simple interest investment after 10 years. Remember to use the same rate and compounding as in #1.0.01% * 7,500 = 75
75 * 10 = 750
Answer: 750
Answered by bobpursley
put this in your google search engine:
7500(1.01)^10=
the second is correct for interest, but the value is now 7,500+750
Answered by LillyPrince
Thank you
Answered by Henry
1. Since the compounding frequency was not given, how do you know it was compounded annually?
Answered by Reiny
LillyPrince said the rate was .01%, which is .0001 as a decimal.
Probably a misprint, and bob assumed it to be.
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