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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Answer:
A. (2,5)
because 3×2 is 6, 6-1 is 5
so y=5
Answer:
This can't be factored right now! But if it is 2z^2+12z+10=0 than it will be factored like this:
2*(z+5)(z+1)
Step-by-step explanation:
2*(z^2+6z+5)=0
2*(z+5)(z+1)
Let's make clear the question, because it may be confusing:
<span>"A health inspector must visit 4 of 14 restaurants on Monday. In how many ways can she pick a first, second, third, and fourth restaurant to visit?"
In order to solve the problem, you need to use permutations: you have 14 possible restaurants to choose as first, the second one will be chosen among the 13 restaurants left, the third one among the remaining 12 and the fourth one will be one of the remaining 11.
Therefore, the total number of possibilities is:
14 </span>× 13 × 12 × 11 = 24024
There are <span>24024 possible ways to choose the four restaurants to visit.</span>
This is a case of joint probability: you want to know what the odds are of this event AND that event occurring. For a joint probability, the formula is usually given as:
P(A and B)=P(A)*P(B)
where P(A) is the probability of event A happening, P(B) is the probability of event B happening, and P(A and B) is the probability of both happening.
For this problem, let's say that event A is the probability that the spinner stops at the green color. Since the spinner has 3 colors and they have equal area (sector) occupied in the circle, each color has the same chance, 1/3 chance of being picked. Thus, there's a 1/3 chance of the spinner stopping at the green color so P(A)=1/3.
Event B is the probability of Jordan picking up the yellow card. There are six possible colors to pick and since Jordan picked up the card without peeking, each color has an equal chance to be picked. Thus, there's a 1/6 chance that the yellow card will be selected so P(B)=1/6.
Using the formula, we can then calculate P(A and B), the probability that the spinner stops at green and a yellow card is selected:
P(A and B)=P(A)*P(B)=1/3*1/6=1/18
