Question

Marcel invests $2500 for 3 years at a rate of 1.6% per year simple interest. Jacques invests

$2000 for 3 years at a rate of x% per year compound interest.
At the end of the 3 years Marcel and Jacques receive the same amount of interest.
Calculate the value of x correct to 3 significant figures.

Answer 1

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Answer 2

x= 1.961

Explanation:

Marcel's ,P = 2500 , T = 3, R = 1.6%

SI = PRT/100

=(2500×1.6×3)÷100

Jacques's , P = 2000 , T = 3, R = x%

CI = P( 1 + R/100)^T -P

2000(1 + x/100)^3 -2000

But this is equal to 120

(1 + x/100)^3 = 2120/2000

x= 1.961

I hope this helps !!!!!!!!!!!