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:
2 miles
Step-by-step explanation:
We can use ratios to solve this problem
3/4 miles x miles
--------------- = ---------------
3/8 hours 1 hours
Using cross products
3/4 * 1 = 3/8 * x
Multiply by 8/3 to isolate x
3/4 * 8/3 = 3/8*8/3 *x
8/4 = x
2 =x
Answer:
70 = 1/2 b *8
17.5 inches =b
Step-by-step explanation:
The area of a triangle is given by
A = 1/2 bh
We know the area and the height
70 = 1/2 b *8
70 = 4b
Divide each side by 4
70/4 = 4b/4
17.5 =b
Part 1
Answers: point Q, point R, point S
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Explanation:
All three points mentioned are on the same straight line; hence they are collinear.
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Part 2
Answer: Point T or point W
Pick one of those answers only
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Explanation:
Notice how point W is not on the line shared by points Q, R, and S. The same can be said about point T with that line.
So we would say that the set {T, Q,R,S} is not a collinear set of points. We could also say {W, Q,R,S} is also not collinear.
