Homework Answers
Future value = Present value * (1+ rate per period)^ no. of periods
= 15000*1.12^3
= 15000*1.404928
= 21073.92
Total Interest Earned = Future value - Present value
= 21073.92-15000
= 6073.92
Simple interest = Present value * rate per period*no. of periods
= 15000*12%*3
= 5400
Compound Interest = Total Interest Earned - Simple interest
= 6073.92-5400
= 673.92
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