Answer: After 1 year: $5,610
After 2 years: $5,722.20
Step-by-step explanation: Use the formula for periodic compounding interest, which is
A = P(1 + r/n)^(nt), where A is the final amount, P is the initial deposit, r is the interest rate as a decimal, n is the number of times the interest is compounded per year, and t is how many years.
Here, P = 5,500, r = 0.02 (that's 2% as a decimal), n = 1,
t = 1 for the first answer, t = 2 for the second answer (1 year, then for 2 years)
Plug the known values in to solve...
For 1 year...
A = 5,500(1 + 0.02/1)^(1*1)
A = 5,500(1.02)^1
A = 5,610
For 2 years...
A = 5,500(1 + 0.02/1)^(1*2)
A = 5,500(1.02)²
A = 5,722.20
Answer:
Step-by-step explanation:
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Given:
Faiz's total online shipping bill comes to £45.71.
He then receives discount of £15.90.
To find:
How much does he have to finally pay after the discount?
Solution:
We have,
Amount of bill = £45.71
Discount amount = £15.90
Now,
Final payment = Amount of bill - Discount amount
= £45.71 - £15.90
= £29.81
Therefore, Faiz's have tp pay £29.81 after discount.
