Edgar accumulated $1,000 in credit card debt. If the interest is 10% per year and he does not make any payments for 4 years, how
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Answer:
the interest rate is $183.89 =~ $ 184
Step-by-step explanation:
In this question, Antuan deposited $2590 into a 3 year CD (Certificate of Deposit) at an interest rate of 2.3% compounded quarterly. We need to find the interest account earned after 3 years.
Formula used will be :
Where
P= Principal amount
r= interest rate (in decimals)
n= no of times the interest is compounded
t = no of years
Here we are subtracting P because we only need interest amount and not the future value.
Using this formula and finding the value will be:
P= $2590
r = 2.3 % or 0.023
n = 4
t = 3
So the interest rate is $183.89 =~ $ 184