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
Semmy [17]
3 years ago
8

How much is in a saving account that started with $500 and earned 7.5% compound interest for 2 years

History
1 answer:
Lemur [1.5K]3 years ago
7 0

The saving account will have 575.125 USD after 2 years.

Explanation:

Usually, when people want to save money in a bank, they get a particular compound interest rate. This is of benefit for both sides, as the bank has the money at disposal and uses them, while the saver gets certain amount of money because of it. The interest rates can vary greatly, and in this case we have 7.5%, which is a very large interest rate in modern times.

If the saver has 500 USD at the beginning, and leaves the money in the bank for two years, he/she will get solid amount of compound interest for it. In order to get to the result we simply need to add 7.5% of the amount to it, and for the next year to add 7.5% on the amount that has accumulated from the previous year:

(500/100)x7.5 = 537.5

(537.5/100)x7.5 = 575.125

We get a result of 575.125, meaning that the saver has managed to gain 75.125 in the two years that the 500 USD have been in the bank.

Learn more about compound interest brainly.com/question/12325365

#learnwithBrainly

You might be interested in
Describe the qualities of Maharana Pratap
Alex_Xolod [135]

Answer:

Maharana Pratap was a brave and patriotic Rajput with love for his motherland. He was an egoistic but responsible person. He Could have finished him self instead of going into exile but for the sake of his family's responsibility he struggles and survives.

Explanation:

5 0
2 years ago
What happen in Britain after roman armies abandoned the area during the 400s ?
Nikolay [14]
The Britain got there won country. I did this I can just ask a question I am not sure that it’s right
8 0
3 years ago
Which abolitionist leader originally came from the south A. Catharine Beecher B. Angelina grimke C. William Lloyd garrison D. El
MrRa [10]

Answer:

The answer to this would be: B. Angelina Grimke

Explanation:

Hopefully this helped.

5 0
3 years ago
PLS HELP!! WHOEVER ANSWERS QUICKEST AND CORRECT WILL GET BRAINLIEST!! ALSO GIVE AN EXPLANATION TO EARN BRAINLIEST!!
frosja888 [35]
The answer is D :) it was approved July 4th, 1776. Hope this helps!
6 0
3 years ago
Im not quite sure what the answer is can someone help
Artemon [7]
Louisiana, Mississippi
4 0
2 years ago
Other questions:
  • Why do people say that World War II ended the Great Depression?
    11·1 answer
  • Part of Lincoln's reconstruction plan stated that a state could be readmitted into the union when___ percent of its voters in th
    5·1 answer
  • How did Japan's victory in the Russo-Japanese War both explode and create stereotypes?
    14·1 answer
  • How do you play among us
    6·2 answers
  • What structure is pictured above? Describe its significance and design.
    8·2 answers
  • HELP ASAP
    8·2 answers
  • Would the economic setbacks for the South caused by the Emancipation Proclamation equal the physical devastation from military b
    6·1 answer
  • The graph shows Internet usage in recent years.
    13·1 answer
  • How did the geographic distribution of religions in Europe in the 17th century impact colonies in the Americas? A. It led to eac
    13·2 answers
  • Which areas of Georgia were part of the Guale Province were Spanish missions were established in Georgia
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!