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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She will need 30 apples more and 200 apples in total.
Answer:
55.4068881439
Step-by-step explanation:
Lets first find the feet they walk per day, multiply the steps by the feet/step:
Now lets find the feet/week by multiplying that value by 7:
Now lets convert the feet to km:
Resulting in approximately 55 kilometers
You wanna simplify the expression first
5(3m+2p+m)
=15m+10p+5m
so B would be correct
Answer:
10.15
Step-by-step explanation:
3.97÷56=.07
.07*145=10.15
