I’ll give Brainly! Match each problem with the answer!
2 answers:
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Incomplete question. However, let us assume
- the interest rate is 5%, and
- the time is 1 year.
Answer:
<u>$150</u>
Step-by-step explanation:
Note, the bank manager wants new customer accounts opened with at least, $3,000. Hence we have a principal, $3000. Using the simple interest formula:
= $150
Therefore, the <em>minimum</em> amount of interest a new account would make in one year is <u>$150.</u>
Answer:
It takes 14 years for the account balance to reach $10,296.62
Step-by-step explanation:
Given:
Principal amount = $5,887
Rate of interest = 4% and 12 times per year
Balance amount = $10296.62
To find:
The time to reach $10,296.62 = ?
Solution:
We know that
Here,
N(t) = 10,296.62
= $5,887
r = 4 % = 0.04
we have to find the t value
On substituting the given values
Taking ln to remove e we get
ln
ln(1.749) = 0.04t
t = 13.97
t = 14