Answer:
4
Step-by-step explanation:
Answer:
$4
Step-by-step explanation:
Let us assume that Pete and Teegan each put an amount of $P in a new bank account.
Teegan's account earns 2.75% simple interest and she earned $2.20 in interest after one year.
P = $80
Now, this $80 in Pete's account earns 5% simple interest.
Then after one year Pete will earn as interest 80x5/100 = 4 Dollars.
Therefore your answer is $4.
Answer:
hope it helps if it helps don'tforget to like and mark
Answer:
It will take 4.84 years
Step-by-step explanation:
The initial amount that Matt invested was $1669. It means that principal is
P = 1669
It was compounded 12 times per year. So
n = 12
The rate at which the principal was compounded is 2%. So
r = 2/100 = 0.02
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount in the account at the end of t years.
A = 1,844.38
Therefore
1,844.38 = 1669(1+0.02/12)^(12×t)
1,844.38/1669 = (1.0017)^(12t)
1.1051 = (1.0017)^(12t)
Taking log to base 10 of both sides, it becomes
Log 1.1051 = log 1.0017^(12t)
Log 1.1051 = 12tlog 1.0017
0.043 = 0.00074 × 12t
0.043 = 0.00888t
t = 0.043/0.00888
t = 4.84 years
