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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Natural numbers: Counting things! You look around your room and see an electronic device, then another, then another! You just counted to 3 using the natural numbers.
Whole numbers! You try to look for electronic devices and realise that they’re all gone. You have zero electronic devices, and you just used whole numbers.
You go online to find where your electronic devices went, and realise they were taken because you’re in debt to the bank so they took some of your stuff. You’re in negative numbers, and now you’ve used integers.
Answer:
Angle 1 is 62°
Angle 2 is 45°
Angle 3 is 24°
Step-by-step explanation:
Answer:
x=9
Step-by-step explanation:
Add similar elements: -5x+3x=-2x
-2x+15=-3
Subtract 15 from both sides
-2x + 15-15=-3-15
Simplify
-2x=-18
Divide both sides by -2
-21/-2 = -18/-2
Simplify
x=9
