The effective rate of interest will be 9.10 %.
<h3>What is compound interest?</h3>
Compound interest is applicable when there will be a change in principle amount after the given time period.
Let's say you have given 100 for two years with a 10% rate of interest annually than for the second-year principle amount will become 110 instant of 100.
Given for simple interest
Principle amount = $650
Rate of interest = 12%
Time period = 7 months.
Interest= PRT/100
Interest= 650× 12 × 7/100 = 546
So final amount = 650 + 546 = $1196
By compound interest
1196 = 650![[1 + R/100]^{7}](https://tex.z-dn.net/?f=%5B1%20%2B%20R%2F100%5D%5E%7B7%7D)
R = 9.10%
Hence the effective rate of interest will be 9.10%.
For more information about compound interest,
brainly.com/question/26457073
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Answer:
Connie started with <u>$25</u> in her savings account.
Step-by-step explanation:
The y-intercept is the value of the function at time zero.
At x = 0, which is week zero, when Connie opened the account, the y value is 25. That means she opened the account with $25.
Answer: $25
<span>The tenths place is to the right of the decimal point.</span>
In order to round u number to the nearest tenth, you should <span>to the right of the tenths place. Depending on this number you should determine if you will round up or stay the same (if it is bigger than 5 you will round up, if not it will stay the same).
In our case, the number is 15.5 so it is already rounded to the nearest tenth.
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