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:
620.63
Step-by-step explanation:
use the formula given
r= interest rate
n= numer of times it's compounding in a year
t= time
p= principle amount
Answer:
it is 0.18
Step-by-step explanation:
I took the test
32% = 0.32
Usually = 400x32/10
Now do 32/100 = .32
Answer is A. 400x0.32
Answer:
50-65 days
Step-by-step explanation:
50-65 days
Pickling cucumbers should be ready to harvest between 50-65 days from planting and can be picked over the course of a several weeks. Growing pickling cucumber plants is just like growing other types of cucumber. They prefer a soil pH of 5.5, well-drained soil, and lots of nitrogen.
