Question

I have a few question:

Calculate the following (compound annually): $62,500 at 3.4% for 3 years, calculate the following (compounded annually): $5,000 at 1.5% for 4 years, Calculate the following using simple interest:$2,000 at 7.8% for 15 years, and lastly, Calculate the following at 1.8% for 8 years. (please show me how you did it step-by-step)

Answer 1

Explanation:

simple interest

I=prt

I= 2000×(7.8/100)×15

I=2340