You decide you want to lend your friend $1234 for 3 years using 10%. calculate how much does your friend have to pay you back with simple interest vs. compounding interest?

With simple interest = $1,604.2

With compound interest = $1,642.454

Explanation:

Data provided in the question:

Amount lend = $1,234

Time = 3 years

Rate of interest, r = 10% = 0.10

Now,

With simple interest :

Interest = Principle × Rate × Time

= $1,234 × 0.10 × 3

= $370.2

Therefore,

Total amount paid = Principle + Interest

=  $1,234 + $370.2

= $1,604.2

With compound interest :

Amount to be paid = Principle × ( 1 + r )ⁿ

= $1,234 × ( 1 + 0.10 )³

= $1,234 × 1.1³

= $1,234 × 1.331

= $1,642.454

a

explanation:

reducti0n

\

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

                                          hope it