The interest rates required to get a total amount of $2,420 from compound interest on a principal of $2,000 compounded 1 times per year over 2 years is 10% per year.
<h3>What is compound interest?</h3>
The interest on savings that is calculated on both the initial principal and the interest accrued over time is known as compound interest.
The concept of compound interest, also known as "interest on interest," is thought to have first appeared in Italy in the 17th century. It will accelerate the growth of a sum more quickly than simple interest, which is calculated only on the principal sum.
Money is multiplied more quickly through compounding, and the more times it is compounded, the higher the compound interest will be.
Using the formula A = P(1 + r/n)^nt
Solving for rate r as a decimal
r = n[(A/P)^(1/nt) - 1]
r = 1 × [(2,420/2,000)^{1/(1)(2)} - 1]
r = 0.1
Then convert r to R as a percentage
R = r × 100
R = 0.1 × 100
R = 10%/year
Learn more about compound interest
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Answer:
0.3667 or 36.67%
Step-by-step explanation:
The probability of getting at least 1 defective hard disk among the 5 (P(X>0)) is equal to 100% minus the probability of getting none defectives (1-P(X=0)).
If 23 out of 25 hard disks are non-defective, the probability is:
The probability that there is at least 1 defective hard disk is 0.3667 or 36.67%.
The change of the weather balloon would be 90% increase. to get the percentage of change we have to subtract 50 ft to 95 ft, it will then give us the 45 ft change. Then we have to divide 45 ft by 50 ft times 100, it will give us 90%. Then since the change and percentage of change is positive then the change could be describe as increasing.
<span>6x6 - 4x3 - 2x2 + 3x + 1</span>
