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:
D.
Step-by-step explanation:
Since both the triangles as kept separately are similar, so we'll take proptionality of their sides to find one side
MP/ML=MN/MK
20/28=35/MK
CROSS MULTIPLYING
20×MK=28×35
MK=980/20
MK=49
Answer: $787 was originally borrowed.
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the loan.
P represents the principal or amount taken as loan
R represents interest rate
T represents the duration of the loan in years.
From the information given,
Total amount = $1181.05
Interest = total amount - principal
I = 1181.05 - P
R = 15%
T = 1 year
Therefore,
1181.05 - P
Therefore,
1181.05 - P = (P × 15 × 1)/100
1181.05 - P = 0.15P
P + 0.15P = 1181.0
1.5P = 1181.05
P = 1181.05/1.5
P = $787
Answer:
5/2
Step-by-step explanation:
5/2= 2 1/2
while 16/9=1 7/9
Answer:
You shouldn't blame your mom. You are more than capable of getting 80's that is the bare minimum. Your mom does not want you to fail, try harder and get better grades. 70's are not the best