1. The first step to solving a 2-Step Equation, like in the problem below, is
1 answer:
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<span>The correct answer is A) $1249.
Explanation:
The amount of interest is calculated using the formula
</span>
,
<span>
where a is the amount of principal, r is the interest rate as a decimal number, n is the number of times per year the interest is compounded, and t is the number of years.
Our principal is $750, the interest rate is 4%=4/100=0.04, n is 1, and t is 13:
</span>
<span>,
which rounds to 1249.</span>
Explanation:
The amount of interest is calculated using the formula
</span>
<span>
where a is the amount of principal, r is the interest rate as a decimal number, n is the number of times per year the interest is compounded, and t is the number of years.
Our principal is $750, the interest rate is 4%=4/100=0.04, n is 1, and t is 13:
</span>
which rounds to 1249.</span>