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:
33.08 $
I believe we add the two together and get our total !
— hope this helped :)!
15. The left triangle is similar to the whole triangle. The x of the small triangle is proportional to the hypotenuse of the large triangle (9+16 =25). the x of the large triangle is proportional to the 9 unit leg of the small triangle. this creates the proportion
. Cross multiply to get
take the square roots of both sides to get x=225
Answer:
x = 9
Step-by-step explanation:
Sum of all angles of a triangle = 180
63 + 7x + 6x = 180
63 + 13x =180
13x = 180 - 63
13x = 117
x = 117/13
x = 9
Answer:
Step-by-step explanation:
v = 3 (r - 1)
v = 3(- 1 - 3) <----- Here we are substituting R
v = -3 - 9 <---- Here we expanded the bracket
v = -12 <--- This is your answer, because -3 -9 is equal to -12
