Answer:
First account (simple interest)
Step-by-step explanation:
The amount of interest earned by the first account is ...
I = Prt = $2000·0.04·7 = $2000·0.28 = $560
The amount in the second account at the end of 7 year is ...
FV = P·(1+r)^t = $2000·1.02^7 = $2297.37
so you have earned $297.37 in interest on the second account.
$560 is more than $297, so the First Account (simple interest) earns more money.
Answer:
If 12,000 are put at an account with 2.5% compound interest in 15 years your total would be $17,379.58
Solving for X.
5 = 2x^2 + 3 Subtract 3 from both sides.
2 = 2x^2 Divide by 2 on both sides.
1 = x^2 Take the square root of both sides.
X = 1
Answer:
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