1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Marina86 [1]
3 years ago
13

Hakim deposited $50 in a saving account earning 10% interest, compounded annually . To the nearest cent , how much interest will

he earn in 2 years?

Mathematics
2 answers:
Gnoma [55]3 years ago
8 0

Answer:

$10.50

Step-by-step explanation:

(see attached for reference)

The formula for compound interest is:

A = P [1 + (r/n) ]^(nt)

where

A = Final amount

P = Principal = $50

r = Annual interest rate = 10% = 0.1

n = 1 (because compounded annually)

t = time = 2 years

substituting this into the equation:

A = P [1 + (r/n) ]^(nt)

= 50 [ 1 + (0.1/1) ] ^ [(1)(2)]

= 50 [ 1 + 0.1] ^ 2

= 50 (1.1)²

= $60.50

Interest = Final amount - Principal

=$60.50 - $50.00

=  $10.50

Paraphin [41]3 years ago
7 0

\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$50\\ r=rate\to 10\%\to \frac{10}{100}\dotfill &0.10\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &2 \end{cases}

\bf A=50\left(1+\frac{0.10}{1}\right)^{1\cdot 2}\implies A=50(1.1)^2\implies A=60.5 \\\\[-0.35em] ~\dotfill\\\\ ~\hfill \stackrel{\textit{earned interest}}{60.5 - 50\implies 10.5}~\hfill

You might be interested in
Pls help with n.b : 10,11,12 U GET 13 COINS BC ITS ALL I HAVE PLS HELP!!
Nat2105 [25]
  1. Fresh Harbour
  2. Netherton
  3. Old Town Harbour

Please mark as brainliest

8 0
2 years ago
Helpppppppppp me plz
creativ13 [48]
X+6 > -18+9x
18+6 > 8x
24 > 8x
3 > x
5 0
2 years ago
Andrew lives at an altitude of 135 feet, and his friend Lisa lives at an altitude of -10 feet. blank residence is higher than bl
tatiyna

Answer:

Andrews residence is higher than Lisa's residence

Step-by-step explanation:


6 0
3 years ago
Read 2 more answers
Jessica earns $800 each month working a part-time job. She wants to save a total of $2,400 for college over a one-year period. W
Stolb23 [73]

Answer:

25% should go

Step-by-step explanation:

If she wants to save $2,400;

Then in a month, she should save 2400/12 = 200

So now we need the amount of her monthly earnings will this savings be

That will be;

200/800 * 100%

= 1/4 * 100% = 25%

8 0
3 years ago
A painting is 24 in. Wide by 32in. Long. The width of a postcard reductions of the painting is 3in. How long is the postcard
s344n2d4d5 [400]

Answer:

4 inches.

Step-by-step explanation:

24 32

---- = -----

3 x

Cross multiply.

24x = (32)(3) = 96.

96 / 24 = 4.

Hope this helped and good luck! (:

7 0
3 years ago
Other questions:
  • Suppose that a random sample of size 36 is to be selected from a population with mean 43 and standard deviation 6. What is the a
    10·1 answer
  • Please help asap 30 pts
    8·2 answers
  • Which relation defined by mapping diagram is a function
    9·1 answer
  • Judy left 4/5 of stew for Dan.Dan ate 2/5 of what she left
    8·1 answer
  • If testing the claim that sigma subscript 1 superscript 2 baseline not equals sigma subscript 2 superscript 2σ21≠σ22​, what do w
    15·1 answer
  • Simplify the expression: -3(m + 6) –5m + 9(2m –16)
    15·1 answer
  • If y varies directly as x and y-21 when x<br> is 7, find x when y = -5.
    11·2 answers
  • A taxicab charges an initial fee of $2.50, then charges $0.75 per mile traveled. How
    15·1 answer
  • Tina is taking picture of her friends. if she sets a tripod level on the ground, will the bottom of each of the legs of tripod b
    5·1 answer
  • A store charges 32% extra for credit items. if the cash price is $1100, what is the credit price?​
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!