Question

13. In 2 years a sum of F20,000 earns a simple interest
of 6000. At the same rate of interest, what will be
the interest earned for 35,000 in 2 years? What
can you infer about the relation between the simple
interest earned and the amount invested for the
same period at the same rate?​

Answer 1

The formula and calculations are as follows: Effective annual interest rate = (1 + (nominal rate / number of compounding periods)) ^ (number of compounding periods) - 1. For investment A, this would be: 10.47% = (1 + (10% / 12)) ^ 12 - 1.Total interest will $1800 after 5 years.

Step-by-step explanation:

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