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Identify the principal amount (P), annual interest rate (R), and time (T).
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6 stepsc) (i)
Identify the principal amount (), annual interest rate (), and time ().
P = \500R = 1.7% = \frac{1.7}{100} = 0.017T = 10$ yearsUse the simple interest formula .
Calculate the total interest earned.
The total interest earned is
\boxed{\mathbf{\85}}$.c) (ii)
Identify the principal amount (), daily interest rate (), and the number of days ().
P = \200r_{daily} = 0.0035% = \frac{0.0035}{100} = 0.000035$
Number of days in 1 year = 365Use the compound interest formula , where is the number of compounding periods (days).
Calculate the value of the investment.
The value of Ollie's investment at the end of 1 year is
\boxed{\mathbf{\202.57}}$.
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