1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
spin [16.1K]
3 years ago
7

An account had an initial deposit made and then interest was applied once a year at a fixed rate. The amount of money, in dollar

s, in the account after t years, was 103(1.02) t . What was the annual interest rate?
Mathematics
2 answers:
Nat2105 [25]3 years ago
8 0
Amount in compound interest = p(1 + r/t)^nt where p is the initial deposit, r = rate, t = number of compunding in a period and n = period.

Here, Amount after t years = 103(1.02)^t
i.e. 1 + r = 1.02
r = 1.02 - 1 = 0.02
Therefore, annual interest rate = 0.02 x 100 = 2%
Natali5045456 [20]3 years ago
4 0

Answer:

The annual interest rate is 20%.

Step-by-step explanation:

Since, we know that,

If an sum of money P is increasing yearly at a fixed rate,

Then the amount after t years,

A=P(1+r)^t

Where, r is the annual rate,

t is the number of years,

Here, the given amount after t years,

A'=103(1.02)^t

By comparing,

1 + r = 1.02

⇒ r = 0.02   ( Subtracting 1 on both sides )

⇒ r = 20 %

Hence, the annual interest rate is 20%.

You might be interested in
How to solve 7 2/6 + 8 5/6
natima [27]
Separate them first.
7+8=15
5/6+2/6=7/6
There can't be 7/6, so it becomes 1 and 1/6,
15+1+1/6=16 1/6
The answer is 16 1/6.
3 0
3 years ago
The Taylors have recorded their weekly grocery expenses for the past 12 weeks and determined that the mean weekly expense was ​$
SVETLANKA909090 [29]

Answer:

$84.80

Step-by-step explanation:

find the difference between accurate price and written price: 74 - 47 = 27

find written total (before Mrs. Taylor found mistake) by undoing the mean calculation: 82.55 x 12 = $990.60

the total expenses is $27 more than what they thought: 990.60 + 27 = 1017.60

divide accurate total by 12 to find mean: 1017.60 / 12 = $84.80

hope this helps :)

4 0
2 years ago
A parallelogram has an area of 15.5 square miles and a height of 3.1 miles. What is the length of the base?
ella [17]
To find the area of a parallelogram you must multiply the base by the height. Since you need the length of the base you must take 15.5/3.1 which will = 5!
4 0
3 years ago
What is <br> 1/5 * 1/6x = - 33
azamat

Answer:

x = -990

hope it helped!

7 0
3 years ago
Read 2 more answers
What is the 5th term in the geometric sequence described by this explicit
Studentka2010 [4]

Answer:

C

Step-by-step explanation:

Using the explicit formula, then

a₅ = 50 × (-2)^{4} = 50 × 16 = 800 → C

4 0
3 years ago
Other questions:
  • Anwser: <br><br> (1-4-6+56)×6-8-3
    10·1 answer
  • How many kilograms are in 76.2 grams? Use the metric table to help answer the question. Metric Table kilo- hecto- deka- unit dec
    15·2 answers
  • What is the length of the resulting arrow when you add two arrow in the negative direction?
    12·1 answer
  • An airplane travels 6200 kilometers against the wind in 8 hours and 6840 kilometers with the wind in the same amount of time. Wh
    8·1 answer
  • Marlene earns $12,800 per year. 15% is taken from her earnings for taxes. how much money is paid in taxes? how much money is lef
    7·1 answer
  • 12k + 26 factor completely<br><br>pls help ​
    5·2 answers
  • In Mr. Jegou’s neighborhood 35% of the houses are blue. Write the percent that do not live in blue houses as a decimal and a fra
    9·1 answer
  • Help me with this problem
    12·1 answer
  • The table below shows the medal count of four countries at the 2012 Summer Olympics. Use the data to complete the statement.
    13·1 answer
  • The mean of Fred’s grades on five tests was 75.2. The grades on the first 4 of these tests were 87, 84, 88, and 45. Find the gra
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!