To find: Whether the bond or bank account pays more interest and the difference in the amount of interest.
Answer to Problem 8P
The difference in the amount of interest paid by the bond is more as compared to bank account is
Explanation of Solution
Given information:
The total amount invest is
The interest paid by bondis calculated as,
The interest paid by bank account is calculated as,
The interest paid by the bond is more as compared to bank account.
The difference in the amount of interest paid by the bond is more as compared to bank account is calculated as,
Therefore, the difference in the amount of interest paid by the bond is more as compared to bank account is
Chapter 7 Solutions
Algebra: Structure And Method, Book 1
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