Marking brainlist

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Marking brainlist
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Ответ:

katie713518

13.04.2022

Mathematics

bank R for 1 year

Step-by-step explanation:

Given

Principal deposit is $P=\$600$

Bank Q offers 1% interest compounded annually

Bank R offers 1.5% simple interest annually

For Bank Q, Compound interest is given by

$\Rightarrow P[1\frac{R}{100}]^t-P$

for 1 year it is

$\Rightarrow 600[1+\frac{1}{100}]-600=\$6$

For bank R, simple interest is

$S.I.=\dfrac{P\times R\times T}{100}$

for 1 year it is

$\Rightarrow S.I.=\dfrac{600\times 1.5\times 1}{100}=\$9$

Clearly, bank R offers more interest for 1 year

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