If a consistent system of equations has more unknowns than equations, what can be said about the number of solutions?
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The compound interest is obtained as $91.81, rounded off to the nearest hundredth.
<h3>How is compound interest estimated annually?</h3>In order to compute compound interest, multiply the principle of the original loan by the annual interest rate multiplied by the number of compound periods minus one. You will then be left with the principal amount of the loan plus compound interest. The entire compound interest is then obtained by deducting the initial principal.
The equation that results will look like this:
Compound Interest =
Amount, rate of interest and time is given as $1500, 2% and 3 years respectively.
First, change r as a percent to r as a decimal.
r = R/100
r = 2/100
r = 0.02 rate per year,
Then solve the equation for compound interest.
So, the compound interest is obtained as $91.81, rounded off to the nearest hundredth.
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