If it's compounded annually, it basically means the interest rate will apply once a year.
So the answer will be 1.
Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
I is the Final Interest to pay
P is the amount of money borrowed
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above
The answer would be (0,5)
six million, thirty thousand <span>6, 030, 000 expressed in scientific notation
</span>
<span>6.03×10^6.</span>