Formula for amount for compound interest:
Amount, A = P(1 + r/100)^n
Where r is rate, P is principal, and n is the number of years.
P = 2000, r = 5, n = t years.
A = 2000( 1 + 5/100)^t
A = 200(1+0.05)^t
A = 2000(1.05)^t
A(t) = 2000(1.05)^t
To convert a percentage to decimal form, you need to divide the number in the percent by 100. In reality, that just looks like moving the decimal point to the left two places.
83% / 100 = 0.83
83% in decimal form is 0.83.
Hope that helped! =)
Thanks! You got the concept, so use the formula from the top of the page to help you. Use the information provided in the examples and set up the formula with the correct numbers. Then, solve. Then you will find out how much you need to owe.
Can u tell me more about it cause I don’t understand
