Mathematics, 28.03.2020 13:30 faithtunison

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Luke has to decide between investing his $1000 at a simple interest rate of 16% p. a. for 8 years or investing it at 11% p. a. compound interest for the same period of time. Which would be the better investment and by how much?

Pls show full working out ty ;)

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FINANCE Luke has to decide between investing his $1000 at a simple interest rate of 16% p. a. for 8 years or investing it at 11% p. a. compound interest for the same period of time. Which would be the better investment and by how much? Pls show full working out ty ;)

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FINANCE

Luke has to decide between investing his $1000 at a simple interest rate of 16% p. a. for 8 years or investing it at 11% p. a. compound interest for the same period of time. Which would be the better investment and by how much?

Pls show full working out ty ;)