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2 Answers

To find the simple interest we have the following formula

Formula:

Simple Interest = P*T*R/100

So given P=$ 7500 , t = 4 years and r = 2% => 2/100

               SI = (7500 x 4 x 2)/100

                    =$ 600

Formula:

Compound Interest = P (1+r/100)^t - P

                                    = 7500(1+2/100)^4 - 7500

                                    = 7500(102/100)^4 -7500

                                    = 7500(51/50)^4 - 7500

                                    =  7500(6765201/6250000) -7500

                                    = 75 x ( 6765201/62500) - 7500

                                   =  $618.2412

 

                          

 

  

by Level 2 User (1.1k points)
Pls help
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