Like 5+0=5 or maybe 5+1 and 6-1
100 + 100 * 10/100 = 110
NOW 110 INCREASES BY 10 %, 110 + 110*10/100 = 110+ 11 = 121
INCREASE OF 20 % = 100 + 100*20/100= 100+20 = 120
SO IT IS NOT SAME
Answer:
14.9%
Step-by-step explanation:
Using the compound interest formula;
A = P(1+r)^t
A is the amount = $2000
P is the principal = $1000
r is the rate
T is the time = 5 years
Substitute the given values into the formula;
2000 = 1000(1+r)^5
2000/1000 = (1+r)^5
2 = (1+r)^5
= 1 + r
r = 1.149 - 1
r = 0.149%
Hence the required rate is 14.9%