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almond37 [142]
11 months ago
12

How much interest would $1,000 earn in 1 year at an annual rate of 2% compounded annually

Mathematics
1 answer:
NNADVOKAT [17]11 months ago
6 0

The Compound Interest would be $1104.895

What is Compound Interest ?

The interest charged on a loan or deposit is known as compound interest. It is the idea that we use the most frequently on a daily basis. Compound interest is calculated for an amount based on both the principal and cumulative interest. The main distinction between compound and simple interest is this. If we examine our bank statements, we will typically see that our account is credited with interest on a yearly basis. Even though the principal remains the same, the interest changes annually. We can observe that interest rises over time. As a result, we can infer that the interest the bank charges is compound interest, or CI, rather than simple interest.

Number of quarters in 5years =5×4=20

Quarterly rate of compound interest

r=24=0.5%

Initial amount

P=$1000

hence the total amount after 5years

=  P(1+r/100)n

=1000(1+0.5/100)^20

=1000(1.005)^20

=$1104.895

Hence, The Interest will be $1104.895

To learn more about Compound interest click on the link

brainly.com/question/24924853

#SPJ10

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enot [183]

Answer:

3.33

Step-by-step explanation:

20 divided by 6 equals 3.33333333333

Round that you get 3.33

8 0
2 years ago
Account (A) is a saving account , the interest earned after 1 year is $12 .If the interest rate is 3.2% for account (A). How muc
BaLLatris [955]

Answer:

The principal for the account is $375.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

E = P*I*t

In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

The interest earned after 1 year is $12 .If the interest rate is 3.2% for account (A).

This means, respectively, that t = 1, E = 12, I = 0.032

We want to find P.

E = P*I*t

12 = P*0.032*1

P = \frac{12}{0.032}

P = 375

The principal for the account is $375.

8 0
3 years ago
Explain how to solve the equation <br><br> 9=q-4
castortr0y [4]

add them both then you get the awnser if the four is not a negative. if the four is a negative use division.

4 0
2 years ago
Read 2 more answers
A, B, and C are collinear B is between A and C.
mixas84 [53]

Answer:

x = 7

Step-by-step explanation:

A, B, and C are collinear B is between A and C.

AC = AB + BC

2x + 1 = x + 4 + 2x - 10

2x + 1 = 3x - 6

2x - 3x = - 6 - 1

- x = - 7

x = 7

5 0
3 years ago
Find the solution of the system of equations.<br>6x + 8y = -8<br>x + 4y = 4<br>( , )​
ladessa [460]

Answer:

the solution is (-4, 2)

Step-by-step explanation:

6x + 8y = -8

x + 4y = 4

... can be solved using elimination by addition and subtraction, among other methods.  Multiply the second equation by -2 to obtain

6x + 8y = -8

-2x - 8y = -8

Combining these results in

4x = -16.  Thus, x = -4.

Substituting -4 for x in x + 4y = 4 results in

-4 + 4y = 4, or 4y = 8, or y = 2

Then the solution is (-4, 2)

8 0
3 years ago
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