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: x=4.25
Step-by-step explanation:
-30=4-8x
subtract 4 from both sides
-8x=-34
divide by -8 on both sides
x=4.25
37/100 as a decimal<span> equals </span><span>0.37.</span>
The original number is 24
2 x 3 = 6
6 x 4 = 24
or
24 / 4 = 6
6 / 3 = 2
Answer:
The second option: 3 (6 - 5n)/20n
Step-by-step explanation:
Make sure all fractions have a common denominator:
Step 1. Find a common multiple between all three denominators
5, 4, and 10 all have a common multiple of 20. Proof: 5 × 4 = 20, 4 × 5 = 20, and 10 × 2 = 20
Step 2. Multiply the denominators to get to 20. Whatever you do to the bottom (denominator) must be done to the top (numerator).
1/5n × 4/4 = 4/20n
3/4 × 5n/5n = 15n/20n
7/10n × 2/2 = 14/20n
Your fractions now all have a common denominator of 20n.
Rewrite the equation using the new fractions:
4/20n - 15n/20n + 14/20n
Only focus on adding/subtracting the numerators; the denominators will stay the same: 20n.
(4 - 15n + 14)/20n
Combine like terms:
(18 - 15n)/20n
Factor out any numbers possible:
3(6 - 5n)/20n
Note* 3 go into both 18 and 15, which allows us to factor 3 out. 18 ÷ 3 = 6 and 15 ÷ 3 = 5, giving us our new numbers inside the parentheses.
