Answer:
the answer depends on which type of interest we use:
- simple interest rate = 24%
- compound interest rate = 26.82%
Step-by-step explanation:
the interest rate paid for holding the cards one month 1/50 or 2%.
to convert 2% monthly interest rate to a simple annual rate:
monthly rate x 12 months = 2% x 12 = 24%
now to convert 2% monthly interest rate to an annual rate (using compound interest):
- = (1 + r)ⁿ - 1
- = (1 + 0.02)¹² - 1 = 1.2682 - 1 = 0.2682 or 26.82%
in compound interest, earned interest earns even more interest by itself besides the interest earned by the principal.
Answer:
40.01
Step-by-step explanation:
40.01÷40.01= 1
So the answer is 1 bcs if u have 3 glasses of water and divide them by 3 each will have one and this is the same with another number
Answer:
1579
Step-by-step explanation:
There is a particular formula you must use and it leads to this 420(1 + 0.18)^8=1579