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:
x = 11.1
Its a right angle triangle with the values of its adjacent and hypotenuse given so cos is used.
Answer:
SAS
Step-by-step explanation:
ΔABD ~ ΔECD is similar through:
S - because ED = CD (Given)
A - same angle ∠D (Statement 2)
S - because AD = BD (Given)
Cheers!
Answer:
Step-by-step explanation:
1) 737/7= 105.285714 so 105 pencils per class and 2 pencils left over
2) 342/3= 114 so 114 people
3) 558*7= 3906 so 3,906 marbles in total
4) 835/5 = 167 children per house
5) 156*12= 1872 so 1,872 apples
6) 138*92= 12696p or 126.96 pounds
7) 1276*8= 10208 matches
8) 2736/9= 304 sweets each
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Answer:
Its A
Step-by-step explanation:
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