The complete table is:
→ years : Ben : Anica
→ 2 : $66 : $67.98
→ 4 : $132 : $144.36
→ 6 : $198 : $230.16
→ 8 : $264 : $326.62
→ 10 : $330 : $434.97
Step-by-step explanation:
The formula of the simple interest is I = Prt, where
- P is the money invested
- r is the annual rate of interest in decimal
- t is the time of investment
The formula of the compounded interest is [tex]I=P(1+\frac{r}{n})^{nt}-p[/tex] , where
- P is the money invested
- r is the annual interest rate in decimal
- n is the number of times that interest is compounded per unit t
- t is the time of investment
∵ Ben deposits $550 at a 6% simple interest rate for 2, 4, 6, 8
and 10 years
∴ P = $550
∴ r = 6% = 6 ÷ 100 = 0.06
- By using the simplest interest formula for the given years
→ 2 years → I = 550(0.06)(2) = 66
→ 4 years → I = 550(0.06)(4) = 132
→ 6 years → I = 550(0.06)(6) = 198
→ 8 years → I = 550(0.06)(8) = 264
→ 10 years → I = 550(0.06)(10) = 330
∵ Anica deposits $550 at a 6% interest rate that is compounded
annually for 2, 4, 6, 8 and 10 years
∴ P = $550
∴ r = 6% = 6 ÷ 100 = 0.06
∴ n = 1 ⇒ compounded annually
- By using the compounded interest formula for the given years
→ 2 years → [tex]I=550(1+0.06)^{2}-550=67.98[/tex]
→ 4 years → [tex]I=550(1+0.06)^{4}-550=144.36[/tex]
→ 6 years → [tex]I=550(1+0.06)^{6}-550=230.16[/tex]
→ 8 years → [tex]I=550(1+0.06)^{8}-550=326.62[/tex]
→ 10 years → [tex]I=550(1+0.06)^{10}-550=434.97[/tex]
The complete table of amount of interest in Dollars
→ years : Ben : Anica
→ 2 : $66 : $67.98
→ 4 : $132 : $144.36
→ 6 : $198 : $230.16
→ 8 : $264 : $326.62
→ 10 : $330 : $434.97
Learn more:
You can learn more about the interest in brainly.com/question/10672611
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