Maths Tuition Singapore – Simple and Compound Interest

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Maths Tuition Singapore – Simple and Compound Interest

Mathew placed a $20,000 deposit with Bank A with simple interest at 5% per annum over 3 years. Mandy placed $20,000 with Bank B with compound interest at 4.9% per annum compounded monthly over 3 years. Calculate the individual interest earned by Mathew and Mandy after 3 years.

Answer

Mathew’s interest = $3000

Mandy’s interest = $3160.25

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