Two savings accounts were each opened with a $6,000 deposit. account a earns...
Account A will earn approximately $7 more in interest than account B.
Account A will earn approximately $7 more in interest than account B
Compound interest formula:
A = P*(1 + r/n)^(n*t)
A is the amount
P is the principal = $6,000
r is the rate (as a decimal) = 0.02
t is time in years = 3
n is the the number of times interest is compounded per unit t = 1
A = 6000*(1 + 0.02/1)^(1*3) = $6367
Simple interest formula:
A = P*(1 + r*t)
Replacing with data:
A = P*(1 + 0.02*3) = $6360
well if he bought them at 5 cedis each sold them at 7 cedis each then he would make a profit of 2 cedis of each book. if in total he made 150 cedis profit that means he sold 75 books. he lost 12 books at the start so that means he originally bought a total of 82 books.