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consider a $1000 deposit earning 6.0% interest per year for five years. interest earned on the...

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Finance

consider a $1000 deposit earning 6.0% interest per year for fiveyears. interest earned on the original deposit excluding interestearned on interest is $300.00 and total interest earned is morethan $335 if interest is compounded annually

true or false?

Answer & Explanation Solved by verified expert
4.5 Ratings (607 Votes)
Solution Calculation of Simple Interest The simple interest is calculated using the following formula I P R T Where I Interest P Amount of deposit R Rate of interest T time period in years As per the information given in the Question we have P    See Answer
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Transcribed Image Text

consider a $1000 deposit earning 6.0% interest per year for fiveyears. interest earned on the original deposit excluding interestearned on interest is $300.00 and total interest earned is morethan $335 if interest is compounded annuallytrue or false?

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