Answer :
The amount I would have with simple interest is $600 and $605 with compound interest.
What are the future value of the investments?
The future value of the investment with simple interest is the sum of interest earned and the amount invested.
Simple interest = amount invested x interest rate x number of years
$500 x 2 x 0.1 = 100
Future value : $500 + 100 = $600
The formula for calculating future value with compounding:
FV = P (1 + r)^N
- FV = Future value
- P = Present value
- R = interest rate
- N = number of years
$500 X (1.1^2) = $605
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