Answered

Suppose you earn 3% on a $1200 deposit for 5 years. Explain how the simple interest is affected if the rate is increased by 1% What happens if the time is increased by 1 year?

Verified Answer :

so if 3% on 5year term and then it increased 1% it won't be 5 anymore it would go by 6 because it has increased by 1% and just add 1200 6 times.

Related Questions