Question

Which is the better investment: 6000 for 10 years at 6% per annum or 5500 for 8 years at the rate of 6% per annum?



answer correctly step by step explanation
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Answer 1

Answer:

6000 for 10 year at 6% per anum.

Step-by-step explanation:

case (a)

Here P = 6000 R = 6% T = 10 yr.

Therefore,

interest = PRT/100

= (6000*6*10)/100

=3600

case (b)

Here P =5500 R = 6 T = 10

Therefore

interest = (5500*6*8)/100

=2640

Hence case (a) is better