The interest rates required to get a total amount of $2,420 from compound interest on a principal of $2,000 compounded 1 times per year over 2 years is 10% per year.
<h3>What is compound interest?</h3>
The interest on savings that is calculated on both the initial principal and the interest accrued over time is known as compound interest.
The concept of compound interest, also known as "interest on interest," is thought to have first appeared in Italy in the 17th century. It will accelerate the growth of a sum more quickly than simple interest, which is calculated only on the principal sum.
Money is multiplied more quickly through compounding, and the more times it is compounded, the higher the compound interest will be.
Using the formula A = P(1 + r/n)^nt
Solving for rate r as a decimal
r = n[(A/P)^(1/nt) - 1]
r = 1 × [(2,420/2,000)^{1/(1)(2)} - 1]
r = 0.1
Then convert r to R as a percentage
R = r × 100
R = 0.1 × 100
R = 10%/year
Learn more about compound interest
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In 5 weeks they sing 280, in 7 weeks they sing 392, and in 6 weeks they sing 336. For this problem you have to figure out how days are in a week n multiply that by the number of songs they give you n then you have to multiply that by how many weeks they give you n then u keep repeating these steps until you ate done with all of your problems n you get your answer
Wdym? Is there a shape or is it a fraction
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Answer:
Step-by-step explanation:
A fixed pulley consists of a wheel fixed to a shaft and is used in conjunction with a belt to transfer energy to another fixed pulley. A movable pulley consists of a shell, a movable wheel and a rope. Movable pulleys are also know as block and tackle.
