What will be the simple interest earned when you invest $1,000 for 3 years at 10 percent and the compound interest earned when you invest the same sum for 2 years at 5 percent ?
The simple interest earned when you invest $1,000 for 3 years at 10 % is $______
. The interest compounded when you invest the same sum for 2 years at 5 % is $______
.
Answer: (a) The simple interest earned when you invest $1,000 for 3 years at 10 % is $300. (b) The interest compounded when you invest the same sum for 2 years at 5 % is $331.
The simple interest earned when you invest $1,000 for 3 years at 10 % is $
300
. The interest compounded when you invest the same sum for 2 years at 5 % is $
331
.
