The annual interest rate needed to reach the given amount in five years is 4.47%.
Hence, option B) is the correct answer.
<h3>What is the annual interest rate needed?</h3>
Compound interest is expressed as;
A = P( 1 + r/n )^(nt)
Making rate r the subject of the formula;
r = n[ (A/P)^(1/nt) - 1 ]
Given that;
- Principal P $2000
- Final Amount A = $2500
- Number of times interest applied per time period n = monthly = 12
- Time t = 5
We substitute into our formular above
r = n[ (A/P)^(1/nt) - 1 ]
r = 12[ (2500/2000)^(1/(12×5)) - 1 ]
r = 12[ (1.25^(1/60) ) - 1 ]
r = 12[ 1.0037598 - 1 ]
r = 12[ 0.0037598 ]
r = 0.447
Next we convert to percentage
r = 0.447 × 100%
r = 4.47%
The annual interest rate needed to reach the given amount in five years is 4.47%.
Hence, option B) is the correct answer.
Learn more about compound interest here: brainly.com/question/13155407
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Answer:
Step-by-step explanation:
here's the explanation in given figure...
Answer:
Choice D:
Step-by-step explanation:
If we check them one by one...
Choice A is all correct, so we leave that there for now
Choice B's 3x12 is equal to 36, so therefore it's wrong
Choice C has the same mistake as Choice B - 3x12 is not equal to 32
Choice D is all correct, so therefore it is the answer
Though Choice A is also correct, the question asked for <u>all</u> of the different ways you can arrange the cars
So, therefore... the answer is A!
<u><em>Hope this helped!</em></u>
Answer: one and one third 1 1/3
Step-by-step explanation:
2/3 divided 1/2
2/3•2/1
4/3 or 1 1/3