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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Answer:
I think (4x13)+1 I'm just guessing Hope helps;)
Step-by-step explanation:
Answer:
The top right answer choice is correct.
2.3 x 12 = 27.6
27.6 > 27.1
Step-by-step explanation:
Well first off, we know that:
1 foot = 12 inches
To compare the two, we first want to covert 2.3 feet into inches.
2.3 x 12 = 27.6 inches
Now that we have our two values, we need to decide which is greater than the other.
27.6 or 27.1
Both values have a decimal that shows tenths. In this problem, 6 tenths is larger than 1 tenth. Therefore:
27.6 inches > 27.1 inches
Answer:
20%
Step-by-step explanation:
We can start by looking at it as a ratio, so 4 divided by 20 and 4/20 = 0.2, so that would be 20% viewing 1=100%.
Another way is
20 here is 100%, and for 20 to equal 100, we have to multiply it by 5. To balance it out, multiply the top by 5 as well, and 4 * 5 =20. Therefore, 4/20 = 20%
