3 years ago

Enter a fraction equavalent to 0.6. Use only whole numbers for numerators and denominators

Mathematics

1 answer:

hjlf3 years ago

6 0

A fraction equivalent to 0.6 is
6/10= 3/5

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Alma invests $300 in an account that compounds interest annually. After 2 years, the balance of the account is $329.49. To the n

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Invested amount (P) = $300.

Time in years (t) = 2 years.

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We know, formula for compound interest

$A=P(1+r)^t$

Plugging values in formula, we get

$329.49=300(1+r)^2$

$\mathrm{Divide\:both\:sides\:by\:}300$

$\frac{300\left(1+r\right)^2}{300}=\frac{329.49}{300}$

$\left(1+r\right)^2=1.0983$

Taking square root on both sides, we get

$1+r=\sqrt{1.0983}$

$\mathrm{Subtract\:}1\mathrm{\:from\:both\:sides}$

$1+r-1=\sqrt{1.0983}-1$

$r=\sqrt{1.0983}-1$

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r=0.048 × 100

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Therefore, the rate of interest on the account is 4.8% compounds annually.

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