What will be the simple interest earned when you invest $1,000 for 3 years at 10 percent and the compound interest earned when you invest the same sum for 2 years at 5 percent ?The simple interest earned when you invest $1,000 for 3 years at 10 % is $______. The interest compounded when you invest the same sum for 2 years at 5 % is $______.

Answer:simple interest = $300compound interest =$102.5Step-by-step explanation:Simple interest = P* T* RP= principal, T= time, R= rateP= $1000,  T= 3,  R = 0.1simple interest = 1000 * 3 *0.1 = $300compound interest = p[(1 + r)ⁿ - 1]compound interest = 1000[(1 + 0.05)² - 1]                                  =  1000[1.1025 - 1]                                    = 1000 * 0.1025                                    = $102.5