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
brainly.com/question/12325365
#SPJ9
Answer:
All of them would be under $65
Answer:
Angela, a proportion is two equal ratios, kinda like 3/4 = 6/8.
If we call the number of cars c, then our proportion is 3/10 = c/100.
Cross multiplying, we get 10c = 300.
Dividing both sides by 10, c = 30.
Answer:
-1
Step-by-step explanation:
You can write it as...
Carry the 4x
Then use the quadratic formula to solve, since you want to find the negative solution, you don't need to find the positive solution, so we will have
Therefore our answer is -1
When writing a decimal, the numbers to the left of the decimal are whole numbers greater then or equal to 1. The numbers to the right of the decimal are numbers less then 1.
if u know 5/8 = 0.625, then 4 5/8 = 4.625
