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:
Step-by-step explanation:
"Which ordered pair" implies that there were several answer choices for this problem. It's important that you share such answer choices.
2x+4y=6x−y reduces to 5y = 8x, and so y = (8/5)x
If we choose x = 2, then y = (8/5)(2) = 16/5 is a solution of the given equation. There are an infinite number of such solutions. All lie on the line y = (8/5)x.
4 is your answer have a nice day
Divide 5 by 3, he can write 1.66 pages an hour
1.66x8=13.33
Your answer would be 13
500
because when you power to the second power a square root, it cancels and the answer is the number you originally had
