Taylor wants to figure out how much interest she will earn if she keeps $500 in her savings account for 2 years at a simple annu
2 answers:
Answer: $30.
Step-by-step explanation:
Given : Taylor wants to figure out how much interest she will earn if she keeps $500 in her savings account for 2 years at a simple annual interest rate of 3%.
Initial amount : P= $500 , r= 3%= 0.03 and t=2 years
Using formula to calculate interest :, where P is initial mount ,r is rate of interest ( in decimal ) and t is time ( in years).
We have,
Hence, the interest she will earn = $30.
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We can use the sum of an aritmetic sequence
the sum from n=1 to n=r when the first term is a1 and the nth term is an is
first term is 1
last term is 100
there are 100 terms so n=100
so the sum is
S=5050
now you want us to divide by 10
5050/10=505
fun fact, gauss (famous math guy) did this when he was younger, legend has it that he was assigned this as an in class assigment to kill time but gauss found a neat pattern, he noticed that adding the end terms wer giving the same sum, example, 100+1=101, 2+99=101, etc, so he just needed to find al the pairs and add them all up
answer is 505
the result is 505
the sum from n=1 to n=r when the first term is a1 and the nth term is an is
first term is 1
last term is 100
there are 100 terms so n=100
so the sum is
S=5050
now you want us to divide by 10
5050/10=505
fun fact, gauss (famous math guy) did this when he was younger, legend has it that he was assigned this as an in class assigment to kill time but gauss found a neat pattern, he noticed that adding the end terms wer giving the same sum, example, 100+1=101, 2+99=101, etc, so he just needed to find al the pairs and add them all up
answer is 505
the result is 505