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 plz explain how the (1+x/100)^3 = 2120/2000 becomes 1.96

Answer 1

Answer:

for answer refer to the attached image

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