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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C. It is the mean. Add all of the ages up and divide by how many there are.
Answer:
-8
Step-by-step explanation:
You are given the following table representing the function f(x):
This means
Hence,
f(5)=-8
Answer:
2,850
Step-by-step explanation:
4.25 x 9 = 38.25
4.25 x 13 = 55.25
4.25 x 12 = 51
13.70 x 92 = 1260.4
3.28 x 130 = 426.4
8.06 x 126 = 1015.56
all totals would equal 2,846.86, which to the nearest would be $2,850
Answer:
X is 6.
Step-by-step explanation:
What we know:
There's a ratio between 8 and 12, which simplifies to 2/3.
So, to find what x is, just multiply 2/3 times 9, to get 6 as x.
