12y+8>-34 i really need help n this problem
1 answer:
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Answer:
$ 1,060.00
Step-by-step explanation:
A = $ 1,060.00
A = P + I where
P (principal) = $ 1,000.00
I (interest) = $ 60.00
Compound Interest Equation
A = P(1 + r/n)^nt
Where:
A = Accrued Amount (principal + interest)
P = Principal Amount
I = Interest Amount
R = Annual Nominal Interest Rate in percent
r = Annual Nominal Interest Rate as a decimal
r = R/100
t = Time Involved in years, 0.5 years is calculated as 6 months, etc.
n = number of compounding periods per unit t; at the END of each period
The simple interest rate was: 1.25%
Step-by-step explanation:
Simple interest is given by:
Given
Principal amount =$3000
Time = t = 2 years
Interest amount = A = $75
putting the values in the formula
Dividing both sides by 6000
So,
The rate is:
0.0125 * 100 = 1.25%
Hence,
the simple interest rate was: 1.25%
Keywords: Simple interest, percentage
Learn more about interest at:
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